7 MAY 2009

Green Power Pangasinan awarded Board
of Investment ("BOI") incentives for 35MW biomass

Green Power Pangasinan Philippines Inc., ("GPPGPI") receives Board of Investment approval for 35 MW of biomass power.

GPPGPI is the very first company accredited under the Philippines Renewable Energy Bill by the Department of Energy to secure Board of Investment incentives. The GPPGPI project is now a Philippine National Priority project.

The non-fiscal and fiscal incentives will be applied to GPPGPI's 35 MW of clean, decentralized, renewable energy that will help to alleviate the Luzon Grid's looming energy shortfall of 2010.

The project has received the direct support of the Philippine Department of Energy as well as Congresswoman Rachael (Baby) Arenas.

The first stage of the project will deliver 17.5 MW of energy and then be expanded up to 35 MW. The project will use agricultural waste as fuel that is currently left in the field to rot or is burned causing environmental pollution. The project will help mitigate climate change and provide around 900 direct and indirect jobs to local communities.

The project will be developed to the Clean Development Mechanism (CDM) "Gold Standard".