The Department of Energy awarded 928 renewable energy contracts with a combined capacity of 30 gigawatts (3,000 megawatts) as of May, an official said Wednesday.
Energy Undersecretary Jesus Cristino Posadas said during The Global Hyperscaler Market Forum the DOE was aggressively pushing for the Philippines to become a haven of energy investment.
“The Philippines is a middle-income and developing nation and its prevailing true costs of power have significantly weakened our ability to industrialize at a more rapid pace, hence the Philippines Department of Energy has been relentless in revolutionizing the country’s energy landscape to transform the Philippines into a haven of energy investments,” Posadas said.
“We have been proactively pursuing policies and programs that will help us obtain energy security and socio-economic growth against the backdrop of a sustainable, competitive energy future for the coming generations,” he said.
Posadas said energy independence and self-sufficiency are the core aspects of building a more efficient, sustainable and competitive power system and that the DOE continues to promote and facilitate the exploration, development, commercialization and utilization of indigenous renewable energy resources to reduce dependence on imported fuels.
The DOE said that between 2009 and 2020, the country added about 2,339 MW RE capacity installations which translated to total investments of P221.35 billion. In 2020, the renewable energy share was at 29 percent of the total capacity mix and 21 percent of the total generation mix.
[Alena Mae Flores]