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Philippines : Korean firm to invest $40 million in solar power facility in Bohol.

Korean firm Youil Renewable Energy Corporation, a subsidiary of Youil Ensys Corporation, is eyeing to cough up an initial investment of $40 million (roughly P1.8 billion) for a 10-megawatt concentrating solar power (CSP) facility in a site in Bohol province.

In an interview, Youil Renewable Energy director Kenny U. Mah disclosed that they are now at the process of applying for pre-development contract with the Department of Energy. Pre-feasibility studies have already been concluded on the prospects.

The timing as to when the facility can be set on stream shall depend on how soon the final rates on the feed-in-tariff (FIT) will be applied for by the National Renewable Energy Board (NREB) and subsequently approved by the Energy Regulatory Commission.

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Date:Jul 28, 2010
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