Alsons Renewable Energy Corporation (AREC), a subsidiary of Alsons Consolidated Resources (ACR), has reportedly allocated $650m for the development of renewable energy projects in the Philippines.

The proposed investment will be used in the construction of hydro and solar power projects totalling 205MW over the next five years.

Of the total investment, approximately $600m will go towards hydro power projects development, according to media reports.

AREC plans to build a 15MW run-of-river hydroelectric plant along the Siguil River in Maasim, Sarangani.

"We have 80 to 90MW of hydro service contracts under application with the Department of Energy (DOE), which we expect the DOE to decide on within the year."

The company will also construct a 40MW hydropower project in Negros Occidental and two more hydro projects in Mindanao that are expected to be launched in the next couple of years.

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Alsons business development vice-president Joseph Nocos was quoted by Rappler as saying: "We have 80 to 90MW of hydro service contracts under application with the Department of Energy (DOE), which we expect the DOE to decide on within the year.

"If all of those are approved then we will end up with a total hydro portfolio of 180MW, which we hope to implement in the next five years."

Meanwhile, AREC would invest nearly $45m for the development of solar projects with a total generating capacity ranging between 20MW and 30MW.

The proposed solar power generating facilities will be developed in General Santos.

Nocos added: "In the intervening period, between now and 15 years, the opportunity for generating companies is RE space.

"If we look at RE space, our main interest is hydro and solar.

"The ratio between non-RE and RE would be 75:25 in favour of non-RE. If you look at it ten years on the horizon, the ratio would probably turn out 50:50."

ACR is developing coal-fired power facilities, besides operating three diesel power plants in the country.