Mayor Stephany Uy-Tan receives Korean investors

ODIN Energy headed by its President and Chief Executive Officer (CEO), Mrs. Young Mi Baek, Vice President Richard Yo Songsuk, Technical Adviser Soo Yun Song along with Director Gisung Back met with Mayor Stephany Uy-Tan to finalize the agreements on the contract for the construction of a wind and solar source tower.

It can be remembered that officials of ODIN Energy was in Catbalogan City last September 2015 to sign the Memorandum of Agreement (MOA) with the City Government of Catbalogan.

This time, the visit was made to finalize the agreements as to the financing scheme and the sharing of stakes to the partnership. Discussed during the said meeting, a 70:30 scheme is to be implemented with 70% to be financed by the city and 30% by the investors. This is also same with the possible generated power from the tower, which majority will go to the city.

Incorporating with the suggested design, the engineers and architects of both sides are to finalize the design and the costing of the said tower.

(Photos by Michael Balan)

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