Portugal likely to invest in the Philippines’ renewable energy sector

Portugal is considering investing in the Philippines’ renewable energy (RE) sector to expand its footprint in Southeast Asia.

According to the latter’s Department of Energy (DOE), Portuguese electric utility firm Energias de Portugal (EDP) and its RE unit EDPR have shown interest for investment. It came after the state visit of Portuguese Foreign Minister João Cravinho.

“Portugal, as an early starter in RE, has similar challenges with the Philippines and is interested in the DOE’s approach in developing and utilizing the country’s RE sources. Potential areas of cooperation include RE development and alternative fuels,” the DOE said in a statement.

The Philippines raised issues of offshore wind and floating solar energy as the potential areas for development with Portugal.

Meanwhile, the statement further reads, “The Secretary also expressed his interest in the experience of Portugal in repurposing and incentivizing the transition of coal power plants by using alternative fuels such as co-firing with hydrogen or ammonia.”

Currently, the Philippines' renewables account for only 22 percent, while it aims to raise the share of renewables to 35 percent by 2030 and 50 percent by 2040.