MS36thAnniversaryIssue: Towards A Sustainable Future Gov’t opens RE sector to foreign investors, sees massive projects READ MORE:
Businesses are part of the growth cycle of the economy and their footprints leave indelible marks which can either be good or bad, according to Trade Secretary Alfredo Pascual.
Investors are looking at solar and wind projects as well as manufacturing of equipment such as wind turbine generator towers, foundations, blades and other wind turbine parts. “Investors will find that the Philippines, with its geographical advantage, is home to abundant sources of renewable energy. On the policy front, investors will find it relevant that in our existing Renewable Energy Act, foreigners can own up to 100 percent of renewable energy projects in solar, wind and tidal energy. This should help the Philippines increase renewable energy’s share to 50 percent of its total energy supply by 2040,” he said.
Danish renewable energy developer Copenhagen Energy A/S’, for one, is investing P360 billion for the BuhaWind offshore wind project in Ilocos Norte.
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