Philippines RE Laws & Incentives
Philippines Power Market Overview Report:
The Philippines is ready to become the leading renewable energy market in South-East Asia.
Recent investment grade ratings from Moodys, S&P & Fitch are indicative that the country’s continued growth and political stability have improved under the country’s government leadership of President Benigno Aquino which has cracked down on political corruption.
The gates of foreign investment into the Philippine’s renewable projects are now open as institutional infrastructure funds have begun aligning capital infusion to take advantage of the opportunities in the Philippines power market which is subject to one of the highest electricity rates & consumption driven growth rates of power in the Asia power market as the Asian Development Bank predicts 6-7% & World Bank predicts 5-7% annualized growth for the Philippine’s economy.
Philippines Renewable Energy Act of 2008:
The current Philippines political dynamics have brought a regulatory transition into applying fair market practices thru newly enforced Philippine’s Renewable Energy Act 2008 requirements which mandate project developers be pre-qualified in all areas of permits, environmental impact, voter approvals, DOE certification and pre-feasibility.
The impact of these new Philippine’s regulatory rules has translated into only credentialed project developers such as Hydrotec Renewables receiving service contract awards from the Philippine’s Department of Energy.
Hydrotec Renewables is honored to have been awarded by the Philippine’s Department of Energy the first series of service contracts for 8 small ROR hydro projects representing over 35MW of installed capacity with several additional project applications in review.
These service contract awards position Hydrotec management’s progress to finalize commitments with project equity &debt partners based on bankable project credentials and shovel ready status.