MANILA – The Philippines can achieve its renewable energy (RE) targets for 2030 with better policies in place, said AC Energy president and chief executive officer Eric Francia.
During the Philippine Energy Independence Council webinar on Friday, Francia said the country needs to triple its renewable output until 2030 to achieve the target of increasing RE share to 35 percent from the 21 percent share in 2019.
“The renewables policy will be a great driver to expand the potential in the Philippines,” he said.
He added the future of RE in the country will be solar-driven.
Based on AC Energy’s projection, the share of solar technology on incremental RE will reach 15.9 gigawatts or 75 percent of installed capacity, and 50 percent of RE output in 2030.
This is followed by wind technology with a projected share in 2030 of 3.4 GW or 15 percent of installed capacity and 20 percent of output.
To boost RE investments in the country, Francia cited the need to integrate RE expansion with Transmission Development Plan, streamline land conversion process, and implement renewable portfolio standards and other enabling policies with significance and predictability.
He said the industry is also looking forward to the 2,000-megawatt RE auction program of the DOE.
With the opportunities in the country’s RE sector, Francia said the Philippines will remain a core market for AC Energy.
Ayala’s energy unit has over 1,000 MW RE capacity in Southeast Asia, with half of its portfolio are in the Philippines.
By 2025, AC Energy aims to install around 5,000 MW of RE in the region -1,000 MW in the Philippines, 500 MW in Vietnam, 400 MW in Indonesia, 200 MW in Myanmar, 600 MW in India, and 2,300 MW in Australia. (PNA)
