Chinese renewable energy companies have pledged around US$ 13.76 billion in investments for the country’s energy sector.
“We look forward to more Chinese investments in renewable energy pursuits such as in solar and wind, as well as in related sectors including battery energy storage systems and off-grid power supply systems,” Marcos Jr. said.
Marcos Jr. is also hopeful that the Chinese companies will also discover the Philippines’ potential in the manufacturing project parts and equipment to develop the RE projects.
The country is also open to investors for photovoltaic, onshore, and offshore wind turbine generation, waste-to-energy, and other RE projects including hydrogen production and storage, energy storage systems, and off-grid energy systems.
During the roundtable meeting, the Department of Energy Secretary Raphael Lotilla said it will address the issues on the energy sector, which include grid connection availability.
The Philippines looks to attain a 35% renewable energy share in its energy mix by 2030, and 50% by 2040.
To meet said targets, Lotilla said that around 52,000 megawatts of RE must be added by 2040. “And of the 52,000 [energy demand], 27,000 megawatts will be from solar and another 16,000 megawatts from wind.”
“But this does not take into account right now the total offshore wind potential of 178 gigawatts or 178,000 megawatts for the Philippines as a whole,” Lotilla said.