Facilities to supply ecozone locators, particularly financial technology firms
THE Cagayan Economic Zone Authority (CEZA) is in talks with energy companies on the possible construction of power plants that will supply nonstop electricity in the ecozone.
In a recent interview, CEZA Aministrator and Chief Executive Officer Raul Lambino identified First Gen Corp. and AboitizPower Corp. as some of these firms, as well as the Manila Electric Co. (Meralco), with which it was discussing “a more efficient distribution of power, particularly in the ecozone.”
According to him, the move aims to ensure sufficient and uninterrupted power in the area once financial technology (fintech) companies start mining cryptocurrencies there.
“Once these fintech firms decide to mine cryptocurrencies, we will be needing a minimum of 30 megawatts. And that is good enough for one to three fintech firms only,” Lambino said.
“If we approve” the licenses of the remaining 22 fintech companies that will operate in the ecozone, “we will be needing as much as 200 MW for them and other locators,” he added.
At present, the Cagayan Electric Cooperative (Cagelco) only supplies 3.5 MW to CEZA.
“The power [plant]doesn’t have to be located in CEZA… But this will all depend on the operations of the fintech firms if they will engage in mining or not. But every action that they will take, they have to seek permission from us,” Lambino said.
“I had a meeting with Bases and Conversion Development Authority (BCDA) Chairman Vince Dizon, and I asked him if he can sign an MOU (memorandum of understanding) with CEZA. We are requesting that the Clark Development Corp. (CDC) will temporarliy house some of the fintech firms, because we are still going to construct the physical infrastructure [of the fintech hub]in CEZA,” he added.
“If we are not going to move fast, these firms will go to other countries to invest. They will be locating in CDC for two years only, and then they will transfer to Cagayan.”
Construction of the hub in the province’s Sta. Ana is set to start in September.