Post by : Meena Ariff

The Philippines is looking for international investors to help build two big solar energy projects. These projects were presented at the Fourth International Conference on Financing for Development (FFD4) held in Seville, Spain, from June 30 to July 3. This global meeting under the United Nations brought leaders together to discuss how to finance development in a sustainable way.

The Board of Investments (BOI) led the presentation. They are looking for investors for:

• Libmanan Solar Project in Camarines Sur with a power capacity of 49.9 megawatts (MW).
• The Isabel Solar Project in Leyte with a power capacity of 76.65 MW.

BOI Executive Director Eries Cagatan said these two projects were chosen because they are good for business and match the country’s climate change goals.

The Libmanan project is being developed by Zenith Renewable Energy Corp. (ZREC). This project will cost 33 million US dollars, and ZREC is looking for 28 million US dollars from investors. In return, investors can get 85% ownership in the project. This solar plant is expected to start working by early 2027 and will produce over 102,000 megawatt-hours of electricity every year. It will be built on 53 hectares of land and has good sunlight and an easy connection to the power grid through a nearby transmission line.

Currently, ZREC is working on other projects too, with a total capacity of 585 MW in different parts of the Philippines. This makes it an important company in the renewable energy field in the country.

At the FFD4 meeting, BOI also took part in a high-level discussion called “Investing in Energy Transition.” They talked about how to get more investments for clean energy. The Philippines also joined a side event about how ASEAN countries can work together to move towards greener energy.

BOI Executive Director Corazon Dichosa said that the Philippines is working hard to attract global partners who want to invest in clean and sustainable projects. She mentioned that under the Renewable Energy Act of 2008 (Republic Act No. 9513), investors in renewable energy can get special benefits like tax breaks and other support.

The FFD4 conference comes at a time when many countries are cutting their aid budgets and facing economic challenges. The goal of the conference is to find better ways to finance the United Nations Sustainable Development Goals (SDGs), especially for developing countries like the Philippines.