DGAP-News: AsiaPac Capital Services Initiates Approval Process for Second Mini-Hydro Plant in Philippines
(firmenpresse) - Asiapac Capital Services Inc. / Development of Sales
06.04.2010 15:38
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Toronto, Canada - (For immediate release) - April 6th, 2010
AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www
.asiapaccapital.ca), has begun the submission process with the Renewable
Energy Management Bureau (REMB) of the Philippine Department of Energy to
build an approximately 8 Megawatt hydro station on the Siffu River located
in the municipality of Paracelis, Mountain Province.This application has
been initiated by the Company's renewable energy subsidiary; AsiaPac Green
Renewable Energy Corp. This is the second mini-hydro power installation
initiated by the Company this year.
The Company has retained the services of Vergel 3 Consult of Quezon City as
the principal consultant and engineer to provide the feasibility study and
detailed engineering design work for the project.
The initial plans call for a run-of river style power system, with a small
weir (or hydro dam) and diversion of water via headrace of approximately
4,000 meters flowing into a surge tank facilityand a 271 meter long
penstock (pipeline) feeding into the powerhouse which will house the
turbines. It is estimated that this facility will generate somewhere in
the order of 8 MW of power. This is based on a preliminary hydrologic
study.
Power is expected to be sold to the Mountain Province Electric Cooperative,
Inc. (MOPRECO).
Company President, Mr. Samuel Lee, advises; 'Our work plan is designed to
meet the rules and regulations of the Renewable Energy Law, RA 9513 in
order to qualify for the various government incentive programs available
from the Department of Energy. These incentivesinclude duty free
importation of equipment; a 7 year tax holiday; and zero value added tax;
tax exemption from the sale of carbon credits, among others.'
In related news, the Company anticipates beginning the full feasibility
study on its previously announced Talubin Run-of River project, located inSagada, Mountain province as soon as funding is in place from its pending
deal with Interline Management. This represents a contract commitment of
Php 2.8 million, or roughly EUR46,000.
The full feasibility study will take 4-6 months to complete, and includes
the following components:
* TopographicSurvey
* Geologic and Geotechnical investigation
* Social and environmental impact study
* Hydrologic Investigation and analysis
* Hydraulic study
* Power supply and demand analysis
* Outline of design of plant facilities
* Cost estimates and financial/economic viability study
* Submission of finalreports for REMB and DOE approval of the final
project.
Given the Philippines growing reliance on hydropower, and its active
encouragement of new hydropower facilities, AsiaPac is well positioned to
take advantage of the various incentive programs, and make an important
contribution to further development of renewable power generation.
Currently, more than 10% of total power generation in the Philippines is
from Hydropower, up significantly from 5.4% in 2007.
Disclaimer&Safe Harbor Statement:
This release may contain certain 'forward-looking statements' with respect
to certain of AsiaPac Capital Services Ltd.'s plans, goals and expectations
regarding its future financial condition, performance, results, strategy
and objectives. Words such as 'anticipates', 'expects', 'intends', 'plans',
'believes', 'seeks', 'estimates', 'may', 'could', 'would', 'might', 'will'
and variations of these words or similar expressions are intended to
identify forward-looking statements. In addition, any statements that refer
to expectations, beliefs, plans, projections, objections, performance or
other characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Forward-looking
statements in this press release are not promises or guarantees of future
performance and are subject to risks and uncertainties that could cause
AsiaPac Capital Services Ltd.'s actual results to differ materially from
those anticipated. AsiaPac Capital Services Ltd. cautions the reader not to
place undue reliance upon any such forward-looking statements. These
forward-looking statements involve known and unknown risks as well as
uncertainties, including those discussed herein as well as the following:
(i) domestic and global economic and business conditions; (ii) market
related risks and the performance of financial markets generally; (iii) the
policies and actions of regulatory authorities; (iv) the impact of
competitive factors; (v) risks and uncertainties associated with future
acquisitions or combinations within relevant industries; and (vi) changes
in capital, solvency or accounting standards as well as tax and other
relevant legislation or regulations in the jurisdictions in which AsiaPac
Capital Services Ltd. operates. The actual results that AsiaPac Capital
Services Ltd. achieves may differ materially from any forward-looking
statements which are based on management's beliefs and opinions at the time
the statements are made. AsiaPac Capital Services Ltd. does not undertake
any obligation to update forward-looking statements should circumstances or
management's beliefs or opinions change.
For further information please contact:
AsiaPac Capital Services Ltd.
Suite 3500
Hudson Bay Center
No. 2 Bloor Street East
Toronto ON
M4W 1A8
Email: info(at)asiapaccapital.ca
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