The government’s goal is to boost the share of renewables to more than a third of the electricity mix by the end of the decade.
MANILA – The Philippines has leapfrogged its South-east Asian neighbors to become a regional leader in planned clean-power projects as fewer investment restrictions and green-minded policies attract domestic and foreign cash.
Only 3 per cent of the Philippines’ ambitious renewables pipeline is currently under construction. But it’s a step toward meeting the country’s goal of boosting the share of renewables in its electricity mix to more than a third by the end of the decade from about a fifth now. Other companies involved in renewables projects in the country include Japan’s Advantec, Singapore-based Vena Energy and local firms Citicore Renewable Energy Corporation and SP New Energy Corporation.
Interest from renewable energy developers has accelerated in recent years due to falling equipment costs and the domestic power sector becoming more familiar with how to build and operate facilities, said Lawrence Fernandez, head of utility economics at Manila Electric, the country’s biggest power retailer.Unlike many of its neighbours, where state-owned entities dominate power markets, the Philippines allows private firms to take part in the generation and sale of electricity.
While investment in renewables capacity is projected to rise in most of the region over the next five years, the Philippines and Malaysia are set to lead that growth, while current frontrunner Vietnam will see a drop, according to analytics firm Wood Mackenzie.
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