Philippines Opens Door to Full Foreign Ownership of Renewable Projects

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Philippines' Department of Energy (DoE) has amended its Renewable Energy Act of 2008, allowing foreign entities to enjoy full ownership of solar and wind projects across the archipelagic nation.

The change was fueled by strong interest from both local and foreign investors in the Philippines' renewable-energy development, particularly for offshore wind, according to Energy Secretary Raphael Lotilla.

"The State can now directly undertake the exploration, development, production and utilization of renewable-energy resources, or it can enter into renewable-energy service or operating contracts with Filipino and/or foreign citizens, or Filipino and/or foreign-owned corporations or associations," Lotilla said.

The Philippines aims to generate 35% of its power mix from renewables by 2030 and 50% by 2040.

Industrial Info is tracking more than US$13 billion worth of onshore and about US$15 billion worth of offshore windfarms in the Philippines, plus about US$17.5 billion worth of solar power projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a list of detailed reports on onshore wind projects, click here for a list of offshore wind projects, and click here for a list of solar projects.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).