Philippines’ renewable energy sector has received investment commitment from nine Chinese companies.
The companies have committed a US$13.76 billion of investment to develop solar, wind and energy storage assets.
This comes following a meeting of President Ferdinand Marcos Jr. of the Philippines with CEOs from different Chinese companies. The country plans to establish a solar, wind and storage manufacturing base with the support of these investors.
It has been reported that the companies that committed to investment are Energy China, China Power International Development, State Power Investment Corporation subsidiary SPIC Guangxi Electric Power, China Machinery Engineering Corporation, China General Nuclear Power Group, China Huadian Engineering Co., environmental engineering services company China Tianying, Dajin Heavy Industry and Mingyang Smart Energy Group.
As per a local report, the Phillippines’ energy secretary, Raphael Lotilla, commented, “We are very pleased with the enthusiasm we have received from these Chinese companies during our roundtable meeting. They were upbeat with our policy reforms and directions on [renewable energy], especially on the opening of 100% foreign ownership on wind and solar projects.”
To be noted, the Philippines has a target of achieving 35% renewable energy by 2030 and 50% by 2040.