PORTUGUESE energy firms are eyeing investments in the Philippines’ renewable energy (RE) sector, the Department of Energy (DOE) said yesterday.
The DOE said Portuguese Foreign Minister João Gomes Cravinho told Energy Secretary Raphael Lotilla, during his courtesy visit on July 27, about the interest of Energias de Portugal (EDP) and EDP Renewables (EDPR) to invest in the country’s renewable energy projects as well as alternative fuels such as hydrogen.
The Energy department said Lotilla cited potential areas of cooperation, including the development of offshore wind (OSW) and floating solar, hydrogen, and ammonia production using renewable energy, liquefied natural gas (LNG) importation, and improvement of transmission and distribution lines in the Philippines to support its economic development and energy transition agenda.
The Portuguese firms are also eyeing expanding their presence in Southeast Asia through investments in the Philippines.
Lotilla also emphasized Portugal’s experience in repurposing and incentivizing the transition of coal power plants by using other alternative fuels, such as co-firing with hydrogen or ammonia.
In 2021, Portugal decommissioned its two remaining coal-fired power plants.
EDP’s coal-fired power plant in Sines closed in January 2021, while Tejo Energia Pego’s coal-fired power plant closed in November 2021, which gave signals that coal exit is possible through a combination of carbon pricing, renewable energy investment, and just transition planning.
The DOE said that Portugal, as an early starter in renewable energy, shares similar challenges with the Philippines and is interested in the DOE’s approach to developing and utilizing the country’s RE sources. (GMA Integrated News)
