San Bernardino Ocean Power Corp has reportedly encouraged the Philippine government’s plans to establish a single government-run guarantee agency as it would help the company attract investments.
San Bernardino Ocean Power Corp said that a single state-run guarantee agency would increase its chances of securing international funding that would help it deliver the planned tidal energy project, according to BusinessMirror.
The plans to consolidate four government agencies into one were supported by the government’s commission in October, the Philippine media have reported.
San Bernardino Ocean Power Corp is a special purpose company established by H&WB Asia Pacific and French tidal energy developer Sabella to deliver the San Bernardino Strait tidal energy project.
BusinessMirror further reports that the project was shortlisted to receive funding under the fifth International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) funding call for renewable energy projects.
The paper also said the IRENA/ADFD still needed guarantees from the respected governments for private companies applying for funding.
“Ocean power needs strong government support. The kinetic energy of tidal currents produces stable electricity supply. This is real ‘grid smart’ technology because it can provide steady ancillary service supporting the transmission of electricity from generation to customers up to far-flung areas,” Antonio A. Ver , President of H&WB Asia Pacific, was quoted as saying by BusinessMirror.
As reported earlier, the 5MW tidal energy project as originally planned for San Bernardino was scaled down to 1.5MW in June 2017 to better fit the local consumption, the developers stated.
The project will feature three D20-500 tidal turbines, with 500kW each, provided by Sabella.