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Friday, April 19, 2024

China firms want to investin renewable energy–DOE

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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.

According to Department of Energy (DOE) Secretary Raphael P.M. Lotilla, the interested firms have responded positively to the country’s policy directions on RE. He said they personally conveyed their interest to invest in the country to President Ferdinand R. Marcos Jr. during a roundtable meeting on RE held last January 5.

The nine firms are China Energy International Group Co. Ltd (Energy China); China Power International Development (CPID) Ltd.; SPIC Guangxi Electric Power Co. Ltd., a subsidiary and a secondary unit of State Power Investment Corp. Ltd. or SPIC; China Machinery Engineering Corp. (CMEC); China General Nuclear Power Group (CGN); China Huadian Engineering Co., Ltd (CHEC); China Tianying, Inc. (CNTY); Dajin Heavy Industry Co., Ltd (DHI); and Mingyang Smart Energy Group Ltd.

“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.

“I have now instructed our Renewable Energy Management Bureau [REMB] and Investment Promotions Office [IPO] to start communicating with them and provide the full support to hasten this particular cooperation between the Philippines and China,” he added.

During the roundtable meeting, Lotilla echoed to the Chinese company representatives the Marcos administration’s objectives of attaining a 35 percent RE share by 2030 and 50 percent by 2040.

To meet those targets, he said an additional 52,000 megawatts (MW) 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.

Some of these companies already have a presence in the Philippines.

Energy China has been in the Philippines for more than 20 years and has project locations all over the country. In Northern Luzon, they provide power generation, substation, transmission, cell site, and fiber to home and data center projects.

CPID is involved in the development of solar, wind, hydroelectric, geothermal and biomass power. They are also into green energy emerging industries, such as energy storage, hydrogen energy, green electric transportation and integrated smart energy. CPID intends to establish corporations with local entities to invest in these industries.

SPIC Guangxi Electric Power Co., meanwhile, is a subsidiary and a secondary unit of SPIC, focusing on the development, investment, construction, and operation of electric power. Its presence in the Philippines includes the 230 kV substation EPC project in Navotas, the 500 kV Substation EPC project in Pagbilao, Taguig-Baras 500 kV overhead transmission line EPC and the Abuyog 230 kV substation EPC project.

CMEC, a subsidiary of the China National Machinery Industry Corp. (SINOMACH), is among the world’s top 500 companies.

CGN is the third-largest nuclear power producer worldwide and China’s first-largest nuclear power producer. It also has a total wind power capacity of more than 35,000 MW and 10,000 MW worldwide for solar projects. CGN is also the pioneer in developing offshore wind in China with its largest single capacity.

China Huadian Engineering Co. is active in investing in RE projects in Indonesia and Vietnam and is now looking at expansion in the country.

CNTY is engaged in smart urban services, resource recycling and recovery and RE while DHI is a publicly listed company focusing on renewable business with global operations.

Lastly, Mingyang Smart Energy Group is the world’s leading renewable energy solution provider and wind turbine generator manufacturer. Its wind turbine generators have reached accumulative installation of over 45 GW.

The Department of Trade and Industry organized investors’ meetings on RE, agribusiness, nickel processing and electric vehicle manufacturing as part of the President’s state visit activities in Beijing, China.

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