A total of Php221.35 billion in renewable energy (RE) investments have been poured into the country from the time Republic Act 9513 or the RE Act was passed in December 2008 up until last year, according to the Department of Energy (DOE).
The figure represents an additional 2,339 megawatts (MW) in RE capacity.
In addition, the DOE awarded a total of 928 RE contracts with a total capacity of 3,000MW as of May this year.
Energy Usec. Jesus Cristino Posadas particularly cited the growing interest in clean power since the RE Act’s passage.
Given the additions, the DOE estimates total RE installed capacity at 7,617MW as of end-2020, with hydroelectric power accounting for 3,779MW.
The DOE aims for RE to comprise up to 60.8% of the country’s energy mix by 2030. This particular scenario is given the moratorium on the building of new coal power plants and the push for RE. Usec. Posadas also noted that the government has allowed 100% foreign ownership of biomass and geothermal projects.