With the continuous rush of foreign investments in Renewable Energy (RE), The Department of Energy (DOE) is holding a business-to-business (B2B) matching event, with the goal of aiding foreign investors to pair with local partners.
This event looks to allow potential RE investors and developers to consider business opportunities in the country to realize the 35% RE target by 2030 and 50% by 2040.
“There is a heightened enthusiasm from international investors for unlocking the country’s RE potential, and we are linking them with financing institutions, development organizations, concerned government institutions, and engineering, procurements, and construction (EPC) companies for potential partnerships and access to financing,” said Energy Secretary Raphael P.M. Lotilla.
As of January 2024, the energy department had already awarded RE service contracts to 1, 267 projects that would offer around 129,000 megawatts (MW). These efforts to increase RE had been recognized by Bloomberg NEF’s Climatescope Report 2023.
Bloomberg’s report ranked the Philippines fourth among the most promising emerging markets in terms of RE investments, following India, China, and Chile. On top of a firm target for renewables, the country stood out due to its feed-in-tariffs, tax incentives, implemented auctions, and net metering schemes.
“To meet our energy transition goal, we are utilizing this platform where participants can identify potential business partners, investors, expertise, technologies or business strengths,” Lotilla added.
The 2023-2050 Philippine Energy Plan was created to achieve clean energy in addition to offshore wind energy and smart and green grid development. Another consideration in the plan is the re-purposing of coal plants as well as the implementation of energy efficiency and the use of electric vehicles (EV).
