Philippines: financial viability of developer in question
There are concerns in the Philippines, that Manila-based Clean Rock Renewable Resources that proposed to operate a geothermal plant in Bokod is not financially capable to undertake the project.
In the Philippines there are concerns if “Manila-based Clean Rock Renewable Resources that proposed to operate a geothermal plant in Bokod is not financially capable to undertake the project.
“We examined its financial statement that included that of its stockholders and we found out they were not capable of funding the project,” he said.
He said the company has also no known track record in geothermal plant development and was formed more or less two years ago.
Nazarro said probably the company was looking for a foreign partner to finance its geothermal project.
He said the project has appeared to have reverted back to status quo with no movement on the part of the project proponent.
The National Commission on Indigenous Peoples has up to now failed to act on a resolution of the provincial board that called on the NCIP to set aside the Free Prior Informed Consent (FPIC) process being conducted to pave the way for the exploration activity of a proposed geothermal plant in Bokod, citing lack of an information campaign.
In a resolution sponsored by board member Juan Nazarro, the SP told the NCIP that the FPIC process failed to comply with the provisions of the Indigenous People’s Rights Act as well as the FPIC guidelines.
Nazarro said the resolution was based on inquiries and consultation with affected communities in Bokod as well as with regional NCIP officials.
At the same time Nazarro said that it was useless for any project proponent to come up with permit from the Department of Energy if it is rejected by the community.
“Without exception, any project proponent must undergo the FPIC process before it can proceed any further,” he said.
This, he said, applies not only to geothermal but also to mini-hydro projects in the province of Benguet.”
Source: Baguio Midland Courier