Nextnorth Holdings Corporation said that the renewable energy (RE) sector will make significant progress under a supportive administration and a more favorable economic environment which could lower borrowing costs for developers.
In a report by Inquirer, Nextnorth founder and CEO Miguel Mapa said that despite ongoing hurdles including grid connectivity, capital financing, and regulatory postponements, the sector has remained hopeful about its future potential due to steady improvements.
Mapa also stressed the government’s strong support and clear commitment to renewable energy, noting that the country had been gearing up to raise its RE share in the power mix to 35% by 2030, up from the current 22%.
The firm has also acknowledged the Bangko Sentral ng Pilipinas (BSP) efforts to ease interest rates, a move that the Nextnorth founder believes will reduce capital costs and fuel further optimism for renewable energy investments.
He also pointed to the sector’s openness to full foreign ownership and the Department of Energy’s (DOE) virtual one-stop shop system, an online platform for streamlining energy project permits, as key developments supporting industry growth.
Nextnorth is currently developing 472 megawatts (MW) of renewable energy capacity, including a 440-MW solar project in Ilagan City, Isabela.
