Coro Energy Plc., a Southeast Asian energy company with a natural gas and clean energy portfolio, said Friday it completed the installation of a 130-meter tall meteoro logical mast in its Oslob, Cebu wind project.
“All equipment have been delivered to site on time and within budget. The wind data gathering campaign is now underway and will operate for up to 12 months delivering bankable data to the company’s utility scale projects in Oslob,” the company said.
Coro Energy said it proceeded with the wind mast installation after it was awarded last year by the Department of Energy (DOE) a wind energy service contract (WESC) for its Oslob project with an estimated potential capacity of 100 MW.
Coro Energy managing director for renewables Michael Carrington said the company was focused on securing land access alongside regulatory permits and approvals, securing offtake arrangements and data gathering at the proposed sites.
The DOE has been wooing renewable energy investors like Coro Energy to help achieve the country’s goal of 35-percent share in the power mix by 2030.
It awarded a total of 1,186 RE contracts with a potential capacity of 132.9 gigawatts (GW) and an installed capacity of 5.7 GW.
The DOE said that to meet the future electricity demand and RE target, new-build capacities from RE totaling 52,826 MW should be added on top of existing and committed power plants in the country.
This will primarily be comprised of solar, wind, hydro, geothermal and biomass.
“We are confident that RE development in the Philippines is accelerating and we will meet our targets,” DOE Undersecretary Rowena Guevera said.