“We have to remove away from coal and toward renewable energy, which is expensive in the short run but should be cheaper in the long run”, he told Philippine Star. He announced to review all coal-fired power plant projects. Also he announced to lower custom barriers and red tape and to support foreign investments.
New investment opportunities for European companies
This offers European solar enterprises new investment opportunities. Already in the last years companies like Phoenix Solar, Juwi, IB-Vogt, MP-Tech, SMA and Conergy realized solar projects, especially ground mounted installations in the Philippines.
So far around 150 MW of photovoltaics are installed in the Philippines and around 100 MW are awarded under the Renewable Energy Law. The current cap of rewarded projects, that are eligible for the Feed-in-Tariff of 9.68 PHP per kilowatt hour (0,19 Euro/kWh) is 500 MW.
Under the new Duterte presidency that starts July 1 it is expected that the targets are increased and the market will pick up. (HCN)
