Philippine National Oil Company (PNOC) said that there are a lot of foreign companies looking to tie up with them for renewable energy projects in the Philippines. PNOC embarks on renewable energy projects via its subsidiary: PNOC Renewables Corp. (PNOCRC)
PNOC president, Antonio M. Cailao, said that they are soon closing a tie up with a German energy firm for a solar energy project. Other prospects waiting in the wings are a US firm looking for a hydro electric power project, Korean nationals looking for wind power project to invest in. Singaporean and Thai investors are also on the lookout for other renewable energy projects.
With the signing of the Philippine Renewable Energy Bill into law, there has been a remarkable spike in interest in renewable energy investing in the Philippine by foreign and local firms. This doesn’t come as a surprise since the Philippine Renewable Energy Law offers fiscal, grid and tax incentives to firms entering into renewable energy projects.
There doesn’t seem to be a lack of finacing available for renewable energy projects either. Take for example the Development Bank of the Philippines which has a P50 Billion fund available for Renewable Energy investing.
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Category: Clean Energy, Investment, Investing, Financing
