San Bernardino Ocean Power Co. will push through with a tidal power project in San Bernardino Strait off Capul Island, Northern Samar and Matnog, Sorsogon at a cost of $25 million, officials said Thursday.
The joint venture of local firm H&WB Asia Pacific (Pte Ltd) Corp. and Sabella SAS of France, with ownership of 60 percent and 40 percent, respectively, expects to start raising project financing for the initial 1.5-megawatt tidal power project next year.
“We intend to fund the project on a 30-percent equity and 70-percent debt. Right now, we are reaching out to financial institutions and in talks on how they could come either on equity or debt. Meantime, they are waiting for us to give them our financial model which we are working on right now,” Kit Buenaventura, H&WB general manager for renewable energy projects, said at the sidelines of a tidal energy forum.
Buenaventura said the investment cost would cover the entire project which includes three turbines, the transmission and the storage systems. The official said the project companies were now in talks with Northern Samar Electric Cooperative for a possible power supply agreement.