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‘Green’ firms revive investment interest in CNMI
Companies involved in solar power and wind turbines have initiated exploratory meetings with government officials on possible investments in the Commonwealth.
Lt. Gov. Ralph DLG. Torres told reporters that companies involved in power plants, solar power, and wind turbines, among others, recently met with officials on Capital Hill on possible investment opportunities in the CNMI.
A company involved in hydrophonics—a way of growing plants without using soil—is also one of the companies present in the meeting, Torres said, along with companies involved in farming and cattle-raising.
Torres emphasized that the meetings were just preliminary discussions, which allowed the potential investors to ask questions on government permits, land use regulations, and even government incentives such as tax breaks.
Some companies also conducted “fact-finding” activities, Torres said.
It was not clear if the companies involved in solar power and wind turbines are part of the Green Energy Group, a consortium of at least three companies from different countries that in 2013 proposed to the government a renewable energy project that it said will bring to the islands as much as $250 million in investments.
The Green Energy Group has proposed to invest to build a wind turbine farm on Tinian that will produce 66 megawatts of electricity, expandable to 90MW and with a submarine cable to Saipan; 25MW of battery storage capacity; a 20MW power plant on Saipan; and 5MW of solar power on Saipan and Rota.
The Green Energy Group includes Green Pacific Co. Ltd., Green Globe Solution, and a Japanese company. The group was reportedly eyeing a long-term investment plan for the CNMI.
The use of renewable resources has been tackled by the Legislature and a law has been enacted that reset the deadline for renewable energy use on the island on or before Dec. 31, 2016.
In 2006, a law was enacted setting renewable portfolio standards requiring that a percentage of electrical energy be obtained from renewable energy resources. None of the standards have been achieved. The Commonwealth Utilities Corp. reportedly has yet to actually tap renewable energy sources. (Joel Pinaroc)
