DOE: Spanish, Japanese firms eyeing offshore wind projects in PH

Energy firms from Spain and Japan are seriously considering investing in the country’s renewable energy sector, primarily in offshore wind, a source from the Department of Energy revealed. 

In a report by the Manila Bulletin, the DOE official said that the Spanish company is primarily interested in offshore wind farm installations. Meanwhile, the Japanese firm had previous engagements in the country on engineering and construction aspects of power plants. 

The DOE official said that the application of the said foreign companies “are still under evaluation” and that they are looking to secure service contracts with 100% foreign ownership. 

The Department of Justice (DOJ) earlier opined that renewable energy investments in the country are not subject to the Constitution’s 40% foreign ownership restriction. 

DOE earlier signed three 100% foreign-owned service contracts with a Danish company, Copenhagen Infrastructure New Markets Fund (CINMF), for offshore wind projects with a combined capacity of 2,000 megawatts. 

The DOE earlier increased the utilization for on-grid areas under the Renewable Portfolio Standards (RPS) from one percent to 2.52% to generate around Php 270.8 billion of investments.