Sun Life lines up $100M for PH energy projects

The global counterparts of Canadian financial services giant Sun Life Financial Inc. are looking to deploy at least $100 million for infrastructure projects in the Philippines, particularly renewable energy, over the next two to three years.

“We’re bringing in some of our global funds … They’re really investing in renewables,” Mike Enriquez, president of Sun Life Investment Management and Trust Corp., told reporters on the sidelines of the company’s 2024 stock market outlook last week.

The global Sun Life consortium is working on creating a renewable energy fund, according to Enriquez. InfraRed Capital Partners, the infrastructure investment management affiliate of Sun Life based in London, was also keen on investing in renewables in the Philippines.

He did not elaborate on the specific projects that would be prioritized for investment but noted that these may be identified by the latter part of the year.

With the national government aiming to increase the share of renewables in the Philippine energy mix from the current 22 percent to 35 percent by 2030 and 50 percent by 2040, the private sector, which owns the country’s power assets, is under increasing pressure to develop more infrastructure. INQ