DOE eyeing more renewable energy investments

MANILA, Philippines — The Department of Energy (DOE) said on Wednesday that it will conduct a business-to-business event on February 22 to match foreign investors with local enterprises for the country’s push in renewable energy (RE).

Energy Secretary Raphael Lotilla said the DOE  will exploit international interest in the country’s potential for RE, and that the event will help both local and foreign companies start RE initiatives in the country.

“There is a heightened enthusiasm from international investors for unlocking the country’s RE potential, and we are linking them with financing institutions, development organizations, concerned government institutions, and engineering, procurements, and construction (EPC) companies for potential partnerships and access to financing,” Lotilla said.“This activity will also guide potential RE investors and developers in doing business in the country as we realize our goal of achieving a 35 percent share of RE in the power generation mix by 2030 and 50 percent by 2040,” he added.

The DOE said that as of January 2024, it has awarded 1,267 projects with RE Service Contracts and, in summary, has a total of around 129,000 megawatts in various fields.

“To meet our energy transition goal, we are utilizing this platform where participants can identify potential business partners, investors, expertise, technologies or business strengths,” Lotilla continued.

In addition, the DOE targets that by 2030, the country will use 35 percent RE in power generation and 50 percent RE by 2040 in its 2023-2050 Philippine Energy Plan.

“Our main objective for this event is to assist investors, listen and understand the challenges in implementing RE projects, and facilitate addressing their concerns,” Lotilla added.