Philippines Energy Secretary, Raphael Lotilla, on Monday vowed that the Energy department would provide “full support” to hasten the energy cooperation with China.
In a statement, Lotilla said several Chinese companies had pledged to invest in the Southeast Asian country’s renewable energy development, energy storage systems, and off-grid power supply systems.
“We are very pleased with the enthusiasm” of Chinese investors who showed interest in promoting energy cooperation with the Philippines.
“They were upbeat with our policy reforms and directions on renewable energy, especially on the opening of 100 per cent foreign ownership on wind and solar projects,” Lotilla said.
The Philippines has passed several acts for promoting foreign investment, including green-lighting foreign ownership in some key sectors including telecommunications, domestic shipping, railways, subways, and air transport.
The energy secretary said his country had set ambitious objectives of attaining 35 per cent renewable energy share by 2030 and 50 per cent by 2040.
He said an additional 52,000 megawatts (MW) of renewable energy is well needed by 2040 to meet the targets.
“Of the 52,000 MW, 27,000 MW will be from solar and another 16,000 MW from wind.
“However, this does not consider the total offshore wind potential of 178,000 MW for the Philippines,” he added.