The Philippines hopes to rack up investments in renewable energy projects after the government strengthened its ties with the United Arab Emirates (UAE) at a recent visit.
In a statement on Friday, the Department of Energy (DOE) said its chief, Raphael Lotilla, had meetings with key UAE officials, especially on the investment and energy front. Accompanying the energy secretary were representatives from ACEN Corp., Aboitiz Power, Amber Kinetics, Citicore Renewable Energy Corp. and San Miguel Corporation Power Holdings.
Rafael Consing Jr., president and chief executive of Maharlika Investment Corp., was also present.
The agency said Lotilla met with the Minister of Energy and Infrastructure of the UAE Suhail Mohamed Faraj Al Mazrouei to discuss both parties’ agreement to pursue a shift to clean energy.
He also shared talks with top officials of the Ministry of Investment, state-owned renewable firm Masdar, Emirates Nuclear Energy Corporation (ENEC) and the International Renewable Energy Agency.
At the meetings, Lotilla highlighted the Philippine energy market’s “vast investment opportunities,” particularly on renewables and cleaner power sources, such as hydrogen and nuclear.
He also stressed the Marcos administration’s current efforts to open the Philippines to more foreign investments through its “favorable policies and incentives.”
According to the DOE, Masdar, considered one of the world’s fastest-growing renewable firms and a leader in green hydrogen, has expressed a desire to invest in the Philippines’ solar, wind and battery storage projects.
Goal to increase renewables
With the Philippines targeting to include nuclear energy in the generation mix by 2032, the DOE said ENEC can “offer valuable support,” especially in developing comprehensive legal and regulatory frameworks as well as technical expertise.
These series of meetings in the UAE followed the DOE’s signing of a memorandum of understanding on energy security with the Kingdom of Saudi Arabia earlier this week.
Last week, the Philippines and South Korea also inked an agreement to pursue a feasibility study on the revival of the mothballed Bataan Nuclear Power Plant.
President Marcos has an ambitious goal for the local renewables market, aiming to increase clean energy’s share in the power generation mix to 35 percent by 2030. Currently, its share is at 22 percent.