MANILA, Philippines - The Department of Energy (DOE) has approved 112 renewable energy (RE) projects worth $1.5 billion, signifying the continued interest of both local and foreign investors in the sector.

The DOE signed 68 mini-hydroelectric, 5 geothermal, and 17 wind energy contracts amounting to $1 billion. These projects will generate an estimated capacity of 2,007.5 megawatts.

The remaining $500 million, meanwhile, came from 22 biomass energy contracts, which are seen to bring 256.7 megawatts of additional power to the country in the next 2 to 5 years.

Energy Secretary Angelo Reyes said investors have gained confidence in the country's RE sector with the help of the Renewable Energy law, which provides a number of fiscal and non-fiscal incentives to RE projects in the Philippines.

"We're now seeing fruits of the RE law, which is a model which other countries are trying to imitate," he said.

He added that the new investments will address supply problems and climate change issues, as well as provide jobs and additional income for the economy.

"These investments will not only address our requirements for additional power, but will also address problems of climate change. It will also drive the economy towards growth and development," Reyes said.

The companies to be awarded the RE contracts are:

• AVGarcia Power Systems
• Benguet Electric Cooperative Inc.
• Century Peak Energy Cooperative
• Energy Development Corp.
• First Gen Bukidnon Power Corp.
• First Gen Hydro Power Corp.
• First Gen Trans-Asia Renewable Energy Corp.
• Firstmaxpower International Corp.
• HEDCOR
• Luzon Hydro Corp.
• Mindanao Energy Systems Inc.
• Northern Luzon UPC Asia Corp.
• Northpoint Wind Power
• Oriental Energy and Power Generation Corp.
• PNOC-Renewable Corp.
• Trans-Asia Renewable Energy Corp.

On the other hand, those companies to be awarded with certificates for their biomass projects are:

• Hawaiian Philippines Co.
• Lopez Sugar Corp.
• Binalbagan-Isabela Sugar Milling
• Central Azucarera Don Pedro Inc.
• Sagay Central Inc.
• Capiz Sugar Central Inc.
• Roxol Bioenergy Corp.
• Sweet Crystals Integrated Sugar Mill Corp.
• BASECOM Inc.
• Davao Sugar Central Co. Inc.
• BUSCO Sugar Milling Co.
• Cotabato Sugar Milling
• Central Azucarera dela Carlota
• Eurotiles Industrial Corp.
• Asea One Power Corp.
• San Carlos Bionergy Inc.
• First Farmers Holding Corp.
• Bataan 2020
• Bacavalley Energy Inc.
• Hacienda Bio Energy