APECO WELCOMES SINGAPORE-BASED ENERGY COMPANY INVESTOR

THE Aurora Pacific Economic Zone and Freeport Authority (APECO) has welcomed another locator – a Singapore-based energy company – which is eyeing to put up an estimated $25 million project investment in its vast economic zone.

On Wednesday night, APECO signed an investor’s agreement with Pacific Impact Development PTE Ltd. (Pacific Impact) at the SEDA Hotel in Quezon City, with both parties looking forward to a successful partnership.

Pacific Impact is the fifth locator to ink an agreement with the government-owned and controlled corporation (GOCC).

The four others are APG International Aviation Academy (APGIAA), Philippine Aerospace Development Corporation, Amaris Energy and Kapwa.

Pacific Impact-Philippines Country head Darwin Deato said the initial project investment of $25 million covers the first phase alone. It is planned to generate 25 megawatts of clean energy from the 25 hectares of land inside the economic zone.

According to Deato, the Pacific Impact has selected APECO as one of the ideal locations to expand its renewable energy portfolio in the Philippines identifying the area’s good potential for developing renewable energy.

“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. 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 said.

He said that by prioritizing environmental and social considerations, the Pacific Impact management aims to foster inclusive growth and responsible development, wherein the collaboration marks a significant step towards realizing a future where economic progress harmonizes with environmental and social well-being.

APECO president and chief executive officer, attorney Gil Taway, said that the entry of Pacific Impact is a vote of confidence not only in the current business development direction but more importantly in the area of Casiguran, Aurora, where the economic zone is located.

“The possibilities for the development in the economic zone are endless – tourism, clean energy, agri-aqua, and manufacturing, to name a few, are some of the industries that have been identified to benefit from our strategic position,” Taway stressed, saying this is why Pacific Impact chose APECO.

Pacific Impact’s development team has delivered on investment for more than 70GW from their previous projects in various countries, including Indonesia, Vietnam, Cambodia, Laos, Singapore, and the Philippines.

Pacific Impact’s team has also played key roles in the completion of several renewable energy projects in the country, which include the utility-scale and off-grid solar power projects in Batangas, Busuanga, Occidental Mindoro, and Tawi-Tawi.

Pacific Impact also has an existing Wind Energy Service Contract (WESC) awarded by the Department of Energy for a project being developed in Albay. The wind project is part of the renewable energy projects currently being prioritized under the National Renewable Energy Plan (NREP 2020-2040).

It identified APECO as a potential clean energy hub and is keen to undertake exploratory studies on solar, wind, and tidal power facilities in the area. These possibilities, along with the inspiring vision and determined goals that the APECO administration has set for themselves, are what convinced Pacific Impact to invest in APECO as the next location of their growing energy portfolio in the Philippines.

APECO is located in Casiguran, Aurora and was established through Republic Act 9490, as amended by Republic Act 10083.  It is planned to be developed into and operated as a decentralized, self-reliant and self-sustaining industrial, commercial/trading, agro-industrial, tourist, banking, financial and investment center with suitable residential areas.

APECO is a government-owned and controlled corporation whose purpose is to attract foreign investments, to generate jobs, and to improve social and economic conditions of the local community.

Pacific Impact is an integrated energy solutions provider forging pathways to fiscally rewarding clean energy projects in emerging markets.

From greenfield to operation, they harness the power of the sun, wind, and water to drive sustainable development across Southeast Asia and beyond.