The local renewable energy sector is expected to secure a $50-million investment boost following President Ferdinand Marcos Jr.’s state visit to Malaysia.
Philippine-based private equity investor New Wave and Malaysian government-backed Emissary Capital bared this proposal to Marcos last week.
In a joint statement issued over the weekend, the multimillion-dollar plan targets to finance players in the sectors of renewable energy, electric vehicle, and clean energy and smart grid enablers.
The companies would initially set their eyes on solar and wind farms in Northern Luzon.
“It is important that the Philippines develops a more mature eco-system with capital providers across various stages of the investment cycle. With Emissary’s entry into the Philippines, we are providing more founders and entrepreneurs access to growth capital as well as a regional network that can help them expand across SEA,” New Wave director Enrique Gonzalez said.
“Our value proposition is more than capital. We help businesses scale within the Philippines and can open up regional Southeast Asia access,” Gonzalez added.
Pursuing the plan can pave the way for additional 1,000 megawatts of bankable capacity in the Philippines, which could translate to more than $1.5 billion in foreign direct investments pouring in to finish the facilities.
Marcos has long been aggressive in pushing private companies to invest in the Philippine renewable energy market.
During his second State of the Nation Address, the president said that renewable energy “is the way forward.”
The government hopes to increase renewable energy’s share in the country’s power mix to 35% by 2030 from 22.8% last year.
