NextGen Day

The largest wind energy businesses in Denmark have expressed interest in the Philippines’ liberalization of the renewable energy (RE) industry, according to Franz-Michael Mellbin, the Danish ambassador to the Philippines.

Mellbin informed reporters that the Royal Danish Embassy in this city is “looking at a handful of enterprises” that are interested in pursuing commercial opportunities in the Philippines on the sidelines of a recent event at the Department of Energy (DOE).

“Vestas and Siemens Gamensa, two of the biggest wind firms in the world, are here. These corporations are quite interested in entering the industry, he added.

The envoy claimed that since the Renewable Energy Act was amended to allow foreign investors to acquire 100% of projects, the Philippines became a desirable market for Danish RE companies.

Mellbin witnessed the signing of service agreements between Copenhagen Infrastructure Partners (CIP) and the DOE last week for three offshore wind energy projects that will be situated in the Philippine islands of Northern Samar, Camarines Norte and Camarines Sur, Pangasinan, and La Union.

The first foreign company to make the announcement that it will fully own and operate renewable energy projects in the Philippines is CIP.

The three offshore wind energy projects are expected to be completed during the presidency of Ferdinand R. Marcos Jr., according to the Danish company, which says it will invest USD5 billion in them.

Mellbin claimed that CIP’s investment in the Philippines is a result of Marcos’ most recent official trip to Europe.

The envoy continued, “There is no doubt that President Marcos has issued some very strong, good signals about more corporate openness, and this has spurred both in Demanrk (and) also in Europe.

The Marcos administration’s policy reform to open the renewables sector to international investors, he continued, is seen by Danish businesses as a crucial step in luring more energy investments to the Philippines.

The fact that Denmark is a global leader in wind technology makes certain investors feel more at ease managing the projects, according to Mellbin. “The investments of these firms also bring a lot of know-how and information to the Philippines,” he added.

According to him, Danish RE companies are interested in biomass, waste-to-energy, small modular reactors, and onshore and offshore wind energy projects in the Philippines.

When the Philippine government reduces red tape, it would be able to hold more ribbon-cutting events, the Danish envoy said.

The government can do a lot to attract more foreign investments by reducing red tape, according to Mellbin. “Red tape is a challenge for international investors in this country,” he added.

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