The Philippines turned the spotlight on two of its major solar projects for financing at the opening of the four-day Fourth International Conference on Financing for Development (FFD4) in Seville, Spain on Monday.
Board of Investments (BOI) Executive Director Eries Cagatan on Monday said two solar projects are being primed for international partnerships at the FFD4 event, which will run from June 30 to July 3.
FFDR is a global platform for mobilizing private finance and investment for sustainable development.
Cagatan said one of the Philippine projects is the 49.9-megawatt (MW) Libmanan solar power venture in Camarines Sur of Zenith Renewable Energy Corp. (ZREC).
The company is seeking $28 million in equity funding in exchange for an 85 percent ownership stake in the project. ZREC is a renewable energy company currently managing 585 MW peak of fully invested ground-mounted solar power projects in pre-development stage across three locations.
Cagatan said the other project is the 76.65 MW Isabel solar project in Leyte.
In a project brief, the BOI said the Libmanan project, which costs $33 million, is set to begin operations in the first quarter of 2027, with capacity to produce 102,918.6 megawatt-hours annually.
The project is situated on a 53-hectare site with strong solar potential and direct access to a 69kilovolt transmission line, according to the BOI briefing material.
These projects were chosen for being bankable and aligned with global climate goals and investor expectations, the BOI said.
BOI executive director Corazon Dichosa said incentives will be made available to investors under Republic Act (RA) No. 9513, also known as the Renewable Energy Act of 2008.
The BOI said it will engage with “impact-driven” partners during the conference as it positions the Philippines to be a prime destination for sustainable and inclusive investments.
The BOI added the Philippines is ready for energy transition to become the leading destination for clean energy investment.
At FDD4, the BOI said it will also participate in the roundtable discussion dubbed “Investing in Energy Transition,” held in association with the SDG Investment Fair.
It added a side event at the FFD4 will explore how investment promotion agencies in Asean play a transformative role in advancing the green transition.
Held under the aegis of the United Nations, the FFD4 targets to adopt a renewed global financing framework for sustainable development at a time when aid budgets are being cut, tariffs and trade barriers are rising, and the global macroeconomic outlook is highly uncertain.
