Manila Says Renewable Energy Investments May Reach $10 Billion

The Philippines hopes to attract $9-10 billion in investments in renewable energy projects over the next 10 years as a law giving investors fiscal incentives takes effect next month, a top official said on Monday.

“Our objective is to double the power being generated from renewable energy sources, from 4,500 MW to 9,000 MW in 10 years,” Energy Secretary Angelo Reyes told a news briefing.
Around 15 local and foreign-linked companies have submitted letters of interest to develop projects, most of them involving wind, hydro and biomass, said Mario Marasigan, director at the government’s Energy Utilisation Management Bureau.

These include First Gen Corp, Aboitiz Power Corp, Energy Development Corp, Oriental Energy, Green Power Philippines and Deep Ocean Philippines, said Marasigan, adding that state-run PNOC-Renewables Corp would take the lead in tapping renewable energy sources.

Electricity generated from renewable sources such as hydro and geothermal power comprise 33 percent of the Philippines’ current power mix, and the government has said it hopes to increase that to 40 percent in a decade.

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