PNOC-RC vows to accelerate RE development in Philippines

MANILA, Philippines —  Encouraged by the strong growth of renewable energy globally, PNOC Renewables Corp. (PNOC-RC) has committed to accelerate the country’s push toward its own clean energy goals.

“I’m also optimistic of the exponential growth of renewable energy sector around the world. We are a witness to the unprecedented number of renewable energy projects being put up globally,” PNOC-RC president and chief executive officer John Arenas said.

“With our economy opening to more foreign investments, we hope to be part of that revolution,” he said.

Foreign equity restrictions in the country’s renewable energy sector have been lifted following the Department of Energy (DOE)’s issuance of the amended rules of the Renewable Energy Act of 2008.

With the amendment, foreign citizens or foreign-owned entities may engage in the exploration, development, and utilization of the country’s renewable energy resources such as solar, wind, biomass, ocean or tidal energy.

Last year, the Philippines also landed on the world’s top 40 most attractive renewable energy investment and deployment opportunities markets.

Among the four Southeast Asian markets that made the Ernst & Young Renewable Energy Country Attractiveness Index, the Philippines was the highest-ranked at number 27.

As the renewable energy arm of state-run Philippine National Oil Co., PNOC-RC seeks to be a catalyst on renewable energy development in the country.

The country is fasttracking the development of renewable energy to increase its share in the power mix from the current 22 percent to 35 percent by 2030, and further to 50 percent by 2040.

“We are facing 2023 with renewed hope and greater aspiration after rising out of the ill effects of the pandemic and the inflation. Among other challenges, we have so many things to be excited about this year,” Arenas said.

Arenas said PNOC-RC is looking at building on its accomplishments last year as it works towards turning 2023 into a banner year for renewable energy in the country.

Among the various renewable energy projects that will  be pursued by PNOC-RC this year include waste-to-energy, hydropower, and floating solar PV developments.