The Department of Energy (DOE) is seeing an influx of foreign direct investments (FDI) in the renewable energy sector, mostly offshore wind projects, through increasing capital enticements.
In a report by the Manila Bulletin, DOE Renewable Energy Management Bureau (DOE-REMB) Director Atty. Marissa Cerezo said that they have “over 1,000 contracts in different stages” that could possibly finish at once.
The DOE has an ongoing discussion with several foreign investors including from Denmark, Japan, Spain, and the United Kingdom, while pursuing other potential investors to strengthen their interest in the country’s RE industry.
Furthermore, Cerezo emphasized the possible influx of foreign investments due to the popularity of off-wind installation, adding that it has been a key focus in cornering fresh capital investments.
National Renewable Energy Board (NREB) Technical Services and Management Division division chief Gaspar Escobar Jr. said that “they are looking for ways to refine policies and guidelines to become conducive to investors and developers to help projects in the pipeline or indicative stages to advance into commercial operation.”
The country is targeting 35% of RE in the power generation mix by 2030, and 50% by 2040.