MANILA, Philippines - Local investors are seeking an aggregate financing of $157 million for seven renewable projects.

The groups presented their projects on Monday to more than 200 financiers in the second Philippines Clean Energy Investors Forum organized by the CTI Private Financing Network (CTI).

CTI is a global partnership that screens business plans and links project proponents  to potential investors. It  has established financing networks in the Philippines, China, Indonesia, and India, and has been conducting similar forums in Latin America and Africa.

"These investments are geared not just on lowering climate change, but also assure energy sufficiency in the Philippines," said Roger Carlson, acting mission director of the United States Agency for International Development.

With adequate financing and proper implementation, various mid-scale projects in power generation and clean transport technology, could boost the Philippines' energy supply while reducing  the country's carbon emissions, added Carlson.

Business plans on building biogas, biomass, small hydropower plants as well as clean transport initiatives were pitched to financial institutions and clean energy experts.

Peter Storey, CTI's global coordinator said the investment priorities in the country are on 3 energy sources - biomass, small hydropower and waste to energy initiatives.

The selected projects endorsed for financing are the First Commercial Multi-feedstock Anaerobic Digester in Southeast Asia by SURE; an 18-megawaat Timababan Hydropower Project by Oriental Energy and Power Generation Corporation;  e-Taxicle by E Save Transport Systems; 10-MW Pangasinan W@E Gasification Facility by Greenergy Solutions; 10-MW Inabasan mini-hydropower Project by Ormin Power; Philippine Biodiesel Initiative by Eco-Life, and Green Building by Italpinas.

These projects passed a 5-month stringent procedure that required proponents to show their project's commercial and technical viability, environmental, and social benefits.

CTI said these investments can reduce the Philippines's greenhouse gas emissions by more than 300,000 metric tons a year, which is equivalent to taking half a million cars off the road, and making the country a leader in clean energy projects in the region.

"Clean energy is always the way to pursue as it is one of the pillars of energy sufficiency," said Mario Marasigan, assistant secretary of the Department of Energy.

The group has recommended more than 30 projects in the Philippines since it was established in early 2009. Of these prospects, 4 have secured financing with investments totaling to $36 million. - abs-cbnNEWS.com