INVESTMENT DEAL. Aurora Pacific Economic Zone and Freeport Authority (APECO) President and CEO Gil Taway IV (2nd from left) and Pacific Impact Vice President Darwin Deato (3rd from left) seal an investment agreement for a USD25-million renewable energy project in APECO at Seda Hotel in Quezon City on Wednesday (May 15, 2024). Joining them are APECO OIC Manager for Business Development and Marketing Gene Angelo Ferrer (left) and Pacific Impact Managing Director James Timko (right). (PNA photo by Robert Oswald P. Alfiler)
MANILA – The Aurora Pacific Economic Zone and Freeport Authority (APECO) has signed a USD25-million investment agreement with a Singapore-based renewable energy (RE) company, promoting green developing in investment promotion agencies.
APECO and Pacific Impact Development Pte. Ltd. sealed the deal in Quezon City on Wednesday for the first phase of the RE project inside the Aurora ecozone.
APECO said the first phase will involve the development of a 25-megawatt solar power farm covering 25 hectares of land.
The power generation will energize other APECO locators while also selling to the grid.
“The entry of Pacific Impact into APECO is a vote of confidence not only in APECO’s current business development direction but more importantly, in the area of Casiguran, Aurora,” APECO President and Chief Executive Officer Gil Taway IV said.
Taway said Pacific Impact’s investment in RE development promotes APECO as a destination for clean energy projects.
“As Pacific Impact expands its presence into the northeast region of the Philippines, we recognize the immense potential for renewable energy development in the area,” Pacific Impact Philippines country head Darwin Deato said.
“Our partnership with APECO, and its new administration, signifies a commitment to leveraging our international expertise to bring forth sustainable development practices, including robust ESG standards,” Deato added.
For the second phase of its RE project, Pacific Impact eyes wind energy.
Currently, Pacific Impact bagged a wind energy service contract from the Department of Energy for its project in Albay.
It also has other RE projects across the country, mostly utility-scale and off-grid solar power projects in Batangas, Busuanga, Occidental Mindoro, and Tawi-Tawi. (PNA)
The Philippine News Agency is a web-based newswire service of the Philippine government under the supervision of the News and Information Bureau (NIB) of the Presidential Communications Office (PCO).