The Department of Energy (DOE) disclosed a 26% surge in renewable energy (RE) commercial projects with awarded service contracts in 2023, spearheaded by the solar power sector.
DOE data released on Tuesday unveiled a total of 1,220 RE projects last year, with a potential capacity of 134,813.79 megawatts (MW), in contrast to the 965 projects recorded in 2022, accounting for a capacity of 80,396.61 MW.
According to BusinessWorld, 434 solar projects with a potential capacity of 28,913.78 MW lead the list. Following closely were 428 hydropower projects with 18,902.96 MW and 252 wind power projects amassing 85,692.964 MW.
Also recorded were 58 biomass projects with 206.88 MW, 39 geothermal projects with 1,063.20 MW, and nine ocean energy projects harnessing 34 MW.
Terry L. Ridon, a public investment analyst and InfraWatch PH Think Tank convenor, attributed this surge to the favorable business climate under the current administration, emphasizing the Energy Department’s commitment to achieving a more balanced energy mix and the cost-effectiveness of building RE facilities compared to traditional coal and gas plants.
Ridon noted that this is a positive step towards fulfilling the climate commitments of the country and reducing reliance on coal and gas technologies.
Moreover, he urged the government to streamline permitting processes, especially at the local government level, to hasten the establishment of RE facilities.
