EDC president and chief executive officer Paul Aquino has intimated that costs are still being reviewed on account of recent developments in global energy markets, primarily owing to changes in demand landscape as an upshot of the global financial meltdown.
“We believe that the project cost will change. Costs of raw materials have gone down but we still need to review the numbers,” Aquino stressed. The company intended the project’s implementation even prior to its privatization, but the simultaneous construction of wind power projects globally hobbled it from procuring wind turbines then, especially as it wanted to do the project at competitive cost.
“We plan to implement it one time at 86 MW to enable us to access funding, instead of doing it in phases,” Aquino noted. The original project blueprint stipulated that the facility’s construction shall be done in three phases at 40 MW, to meet an aggregate capacity of 120 MW.
EDC is hoping that the set of incentives under the Renewable Energy Law will increase its chances of finally setting its first wind venture on stream.
