Petroenergy Resources Corp disclosed to the Philippine Stock Exchange (PSE) that they would undertake a stock rights offering in order to finance their foray into the emerging renewable energy sector. The company is initially known to be as an oil exploration company with oil prospects in the Philippines and Gabon Africa. With their entry into renewable energy generation they plan to setup a subsidiary for this venture that will have a capitalization of P200 M.
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Asian countries, involving the Philippines, will be able to benefit from an $800 million fund allocated for renewable energy and energy efficiency programs. The funds are provided by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, International Finance Corp. and the World Bank under the Clean Technology Fund (CTF) for Asia of the Climate Investment Funds (CIF).
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Top Philippine bank, Bank of the Philippine Islands (BPI), announced that they have P5 Billion worth of funds to offer out as loans to renewable energy projects and projects related to energy conservation. BPI has already lent out P1.2 Billion to projects related to renewable energy and energy efficiency.
The P5 Billion is in partnership with the World Bank’s International Finance Corp (IFC). The IFC has been active in funding renewable energy projects in the region.
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Chinese Ambassador Liu Jianchao said that China was looking to invest in the renewable energy sector of the Philippines. Primarily in geothermal, wind and solar energy. They were looking for joint venture opportunities in the emerging renewable energy industry.
Aside from that, he also said that they were working on continued investment in the country’s infrastructure, mining, farming, telecommunication and education sectors as well.
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The Asian Development Bank (ADB) announced that it is implementing the “Safeguard Policy Statement” that will help mitigate the environmental damages any of its projects might bring. This move was approved by the ADB board last Monday. The said policy has provisions on biodiversity conservation, community health and safety, and physical cultural resources.
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The Department of Energy (DOE) announced that they will set up a P2-billion trust fund over the next five years to support the development of renewable energy in the country which was jumpstarted by the passage of the Philippine Renewable Energy Act.
The fund would be sourced from different government agencies. At least 1.5% would come from the Philippine Amusement and Gaming Corp. (Pagcor), which regulates gambling in the country. Another source would be the Philippine Charity Sweeptakes Office (PCSO) which runs the government’s lottery program.
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