The Department of Trade and Industry (DTI) revealed investments in the renewable energy (RE) sector this year as more companies are transitioning to cleaner power sources.
In a report by the Manila Standard, Trade secretary Alfredo Pascual said that the investment leads are expected to generate 2,025 MW of power and Php 629 billion worth of investments.
The investment leads were allotted for floating solar sheets for inland water areas, offshore wind turbines, and waste-to-energy projects, Pascual said.
DTI is currently conducting studies on various energy, fuel, and technology options, as well as the feasibility of nuclear energy are all being explored.
Last year, RE accumulated 50% of investment proposals, and the approved investment pledges at the Board of Investments (BOI) increased by 11.6%, P729 billion last year from P655 billion in 2021.
Over $6 billion worth of investments in renewable energy projects were approved by the BOI as of September 2022.
Under the country’s National Renewable Energy Program (NREP), a 35% share of renewable energy must be achieved in the generation mix by 2030 and will increase to a 50% share by 2040.