NextGen Day

Following President Ferdinand R. Marcos Jr.’s recent trip to China, Department of Energy (DOE) Secretary Raphael Lotilla has announced the names of the nine Chinese corporations that have agreed to spend almost USD13.76 billion in the Philippines.

Some of these Chinese businesses, according to Lotilla, are currently active in the Philippines and are considering expanding, while others are well-known in China’s energy industry.

According to him, the companies will invest a total of USD13.76 billion in developing renewable energy (RE), energy storage technologies, and off-grid power supply systems.

“We are thrilled with the excitement these Chinese businesses showed at our roundtable meeting. They were pleased with our policy changes and directions in the area of renewable energy, particularly the opening of full foreign ownership of wind and solar plants.

China General Nuclear Power Group (CGN), China Huadian Engineering Co., Ltd. (CHEC), China Tianying, Inc. (CNTY), Dajin H., China Energy International Group Co. Ltd. (Energy China), China Power International Development (CPID) Ltd., SPIC Guangxi Electric Power Co., Ltd., China Machinery Engineering Corporation (CMEC), China General Nuclear Power Group (CGN), China Huadian Engineering Co., Ltd. (CHEC), China Ti

Energy China has been conducting business all around the nation for more than 20 years. Its activity specifically includes fiber-to-the-home, data center, power generating, substation, and transmission projects in North Luzon.

The 230-kV substation engineering, procurement, and construction (EPC) project in Navotas, the 500-kV substation EPC project in Pagbilao, the Taguig-Baras 500 kV overhead transmission line EPC project and the 230-kV substation project in Abuyog are all being worked on by SPIC, which has the largest installed wind power capacity in Guangxi.

Mingyang is a leading provider of renewable energy solutions in China. With a total installed capacity of 45 gigawatts, it is also the sixth-largest maker of wind turbine generators in the world. The Philippines needs Mingyang’s technology as the government plans to implement additional offshore wind-generating projects in the future.

CGN and DHI are two further Chinese businesses that have pledged to invest in the Philippines and who will be significant players in the offshore wind industry.

The greatest single offshore wind power capacity and pioneer in offshore wind development in China is CGN. It has a total capacity of 35,000 MW for wind energy and 10,000 MW for solar energy worldwide.

Additionally, CGN is the third-largest nuclear power producer in the world and the first nuclear power producer in China.

On the other hand, the listed company DHI is currently building a 300 MW wind power plant.

While CNTY is a part of the Fortune China 500, CMEC is among the world’s top 500 corporations.

Both CPID and CHEC are considering setting up regional organizations to finance renewable energy projects in the Philippines.

In order to expedite this particular cooperation between the Philippines and China, Lotilla continued, “I have now directed our Renewable Energy Management Bureau (REMB) and Investment Promotions Office (IPO) to start engaging with them and provide the full support.

The DOE director met with executives from a number of Chinese energy companies last week during Marcos’ state visit to China, where he discussed investment potential in the nation’s renewable energy sector.

He also emphasized the measures being implemented by the Marcos administration to draw capital into renewable energy.

By 2030 and 2040, the Philippines wants renewable energy to make up 50% of the country’s energy mix. This indicates that by 2040, the nation would require 52,000 MW of renewable energy.

In addition to these goals for renewable energy, the nation has 178,000 MW of offshore wind potential.

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