Renewables See Tenfold Increase in a Single Year

Thanks to rapidly-expanding projects and important renewable policies, the Philippines is increasing its solar and wind deployment – with a goal for renewables to account for 35% of the country’s power mix by 2030 and 50% by 2040. 

As of March 2021, the country had 1.3GW of solar in its project pipeline, and by March 2022, the capacity increased tenfold – to a hefty 13GW.

“We believe the growing investor interests in the renewables sector are largely underpinned by the improving regulatory environment for the sector,” says Fitch Solutions, the credit rating agency that revised upward its forecasts for the Philippines’ non-hydro renewables sector.

The expansion of renewable energy production is due to the country’s Department of Energy’s two important renewable policies – the Renewable Portfolio Standard and the Green Energy Option – and the launch of the Green Energy Pricing Programme designed to set a ceiling price for renewable energy.