The Philippines has attracted nine Chinese energy companies that will invest a total of about $13.76 billion to participate in the country’s development of renewable energy (RE), energy storage systems, and off-grid power supply systems.
The Philippines has attracted nine Chinese energy companies that will invest a total of about $13.76 billion to participate in the country’s development of renewable energy , energy storage systems, and off-grid power supply systems.
“We are very pleased with the enthusiasm we have received from these Chinese companies during our roundtable meeting. They were upbeat with our policy reforms and directions on RE, especially on the opening of 100 percent foreign ownership on wind and solar projects,” Lotilla said. To meet those targets, he said an additional 52,000 megawatts of RE by 2040 will be needed. Of the 52,000 MW, 27,000 MW will be from solar and another 16,000 MW from wind. However, this does not take into account the total offshore wind potential of 178 gigawatts or 178,000 megawatts for the Philippines as a whole.Energy China has been in the Philippines for more than 20 years and has project locations all over the country.
CMEC, a subsidiary of the China National Machinery Industry Corp. , is among the world’s top 500 companies.
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