European Companies Geared to invest in PH Renewable Sector

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An official of the European Union (EU) Delegation to the Philippines confirmed that around 40 European companies will be visiting the country this month alone, to explore possibilities in the local renewable sector: particularly in the subsectors of hydropower, solar generation and wind power.

The 40 companies hailing from 13 European countries will be flying in for the 4th Energy Smart Philippines happening this October 26.  They are on the lookout for business opportunities, partnerships and are also considering investing in electric vehicles.

“The idea is to try to assist and even increase the number of electric vehicles, especially for Manila and in the Philippines in general,” said Enrico Strampelli who is the head of cooperation of the EU Delegation to the country.

While we still have to wait for the results of the business opportunities and the prospect of investing in electric vehicles, Rappler reported that 4 contracts with a total value of 11 million euros are pushing through, and are about to be signed.  All contracts are about the utilization of renewable energy in the far-flung areas of the Philippines.

“We have full pledges.  We have three in Mindanao, for access to electricity. The focus is in Mindanao,” according to Strampelli.

This supports the statement of Guenter Taus, the president of the European Chamber of Commerce in the Philippines (ECCP). “The EU has been actively supporting the Philippines in engaging stakeholders towards creating and implementing policies and programs that provide increased efficiency in energy use and renewable energy development,” he said.

Taus also reported that the EU allocated 190 million euros from its budget of 325 million euros for renewable energy from 2014 to 2020.  The European Union is supporting local efforts through the Access to Sustainable Energy Programme (ASEP) whose goal is to provide electricity to all parts of the country by 2022.  The Department of Energy builds on this goal, as they aim for 35% of energy to come from renewable sources by 2030.

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