The Philippine government is getting ready to develop its huge geothermal resources, which could attract over $2.5 billion in private investment, an official told Reuters.
Geothermal energy supplies 17% of the Philippine's energy as of 2008, with an installed capacity of about 2 GW. The new projects would add about 620 MW.
The country, which is the world's second-largest geothermal developer, plans to give the go-ahead on 19 projects over the next five months. The firms competing for contracts range from domestic power utility, Energy Development Corp to Iceland-based Envent, a division of Geysir Green Energy.
The government is offering incentives such as tax holidays and tariff exemptions for renewable energy projects - 87 contracts have recently been awarded to develop renewable energy projects.
