Investment ‘looming’ for Innovative Renewable Energy Project
Inward investment in the Pacific islands is looming for a modular solar thermal power system which provides an all-in-one air conditioning and hot water system. <!--more-->
It is one of the significant results from the recently concluded Asia Pacific Business Forum held in Colombo, Sri Lanka.
Mr. Ricky Cordova, President and CEO of Edward Marcs Philippines, Inc., a member of the Business Advisory Council United Nations told the PT&I team he planned to set up a branch office in Fiji and eventually spread out to the Pacific Islands.
His innovative modular solar thermal power system can generate power at relatively lower costs of production. This reduces carbon emissions and improves the bottom line for businesses and financials of the tourism sector, commercial buildings, schools, supermarkets, malls, and other business establishments.
The company carried out an impartial consumer survey and found the cost of electricity was reduced substantially from 30 to 40% of total power consumption.
Mr. Cordova is confident that he can easily replicate this cost effective technology in the Pacific Island countries.
Mr Cordova represented the Philippines on various global renewable energy and solar energy initiatives. During his term as the President and CEO of Marcs Philippines Inc., he successfully steered the company towards leading solar assisted air-con and solar thermal technologies in the Philippines with a NZ$1.5m (Php 35m) turnover that continues to grow. In addition he succeeded in expanding the organization into a technology provider of Solar Assisted Air-conditioning, heat recovery tank and partner of WB-IFC for Sustainable Energy Financing Program in the Philippines.
Mr Cordova readily accepted an invitation by PT&I Trade Commissioner Michael Greenslade to attend the annual Pacific Energy Summit in Auckland next year and to participate in the inward investment mission to Fiji, in the first quarter of 2015. Mr Cordova also requested PT&I help to immediately find a possible local partner in the Pacific Islands in preparation for his trip to Auckland and Fiji next year.
PT&I Investment Manager Manuel Valdez said “In the final analysis, this could be a good business value proposition under the Private Partnership (PPP) program that can be rolled out in the Pacific Islands.”