The Department of Energy (DOE) plans hosting a business-to-business matching event this week or soon after to take advantage of elevated investor interest in the country’s renewable energy space. This developed with the Department of Energy telling reporters Wednesday that the Philippines counts as among the emerging leaders in the sector globally.
“There is heightened enthusiasm from international investors for unlocking the country’s renewable energy potential and we are linking them with financing institutions, development organizations, concerned government institutions, and engineering, procurements and construction companies for potential partnerships and access to financing,” said Energy Secretary Raphael Lotilla, in a statement.
The DOE said the activity should also encourage renewable energy investors and developers to do business in the country to help government achieve a 35 percent share of renewable energy in the power generation mix by 2030 and 50 percent by 2040.
“To meet our energy transition goal, we are using this platform where participants can identify potential business partners, investors, expertise, technologies or business strengths,” Lotilla said.
DOE data show the government granting 1,267 projects renewable energy service contracts with total potential capacity of 129,000 megawatts using various technologies.
The DOE said the Philippines was recognized at the 2023 BloombergNEF’s Climatescope Report as the fourth most attractive emerging market for renewable energy investments, after India, China, and Chile.
The report said the Philippines stands out as one of the few economies that have implemented auctions, feed-in-tariff, net metering schemes, tax incentives, and a strong target for renewable energy investors.
According to the DOE, the installed renewable energy capacity in the Philippines comprising solar, wind, hydro, geothermal and biomass technologies total 8,320 MW as of end-November 2023.
This equaled 29.3 percent of the 28,359 MW aggregate renewable energy capacity in the country excluding energy storage systems.
