|FOR IMMEDIATE RELEASE
April 8, 2011
Thomas R. Hardy | (703) 875-4357
USTDA GRANT PROMOTES COMMERCIAL DEVELOPMENT OF RENEWABLE ENERGY IN THE PHILIPPINES
Supports Private-Public Partnership for New Waste-to-Energy Facilities
URDANETA CITY, PHILIPPINES – Today, USTDA joined with Philippine President Benigno Aquino III, U.S. firm Sinova Capital LLC, Philippine firm Bacavalley Energy Inc. (BEI), and the U.S. Embassy Manila to inaugurate a sanitary landfill facility in Urdaneta City, Philippines. As part of the landfill development, USTDA provided a $646,000 grant to BEI to assess the feasibility of a proposed waste-to-energy power plant that will be conducted by Sinova Capital.
President Benigno S. Aquino III witnessed today's ceremony in which BEI formalized a Memorandum of Agreement with the Urdaneta City government for the waste-to-energy plant's site lease and waste supply. Following that signing, BEI and Sinova Capital signed a contract for Sinova to undertake the feasibility study to assess the viability of developing a new waste-to-energy power facility. The $646,000 grant that is supporting this public-private partnership advances USTDA's efforts to open up markets in Southeast Asia to U.S.-manufactured goods and services as the region continues its efforts to develop its clean energy infrastructure.
If the feasibility study demonstrates that the plant is commercially-viable it is expected that will expand opportunities for U.S. companies to become active in the Philippine clean energy market as well as lead to construction of other waste-to-energy facilities.
The feasibility study will be performed by Sinova Capital, a Seattle-based company that invests in clean energy projects in Asia, working with BEI and the local Urdaneta government. The project directly supports the Philippines' public-private infrastructure development model promoted by the Aquino government.
"U.S. companies are world leaders in developing and utilizing waste-to-energy technologies that can be implemented in these facilities. It is a win-win scenario for both of our countries and the world as a whole," said U.S. Deputy Chief of Mission Leslie Bassett.
"The U.S. government commends President Aquino for his administration's renewable energy policy that encourages projects such as this. This project truly exemplifies the collaboration between public and private entities, both U.S. and Filipino," she noted.
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The U.S. Trade and Development Agency helps companies create U.S. jobs through the export of U.S. goods and services for priority development projects in emerging economies. USTDA links U.S. businesses to export opportunities by funding project planning activities, pilot projects, and reverse trade missions while creating sustainable infrastructure and economic growth in partner countries.
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