An example of a renewable energy project.
MANILA, Philippines – The Department of Energy (DOE) expects an additional 5,905 megawatts of potential capacity from 347 new projects under the Renewable Energy law.
These projects will have an installed capacity of 2,334 MW, according to the DOE.
Of the 347 renewable energy projects, 177 are hydropower projects, 39 are geothermal ventures and 37 are wind farms. There are also 34 solar projects, 29 biomass projects and three projects that would utilize ocean energy, the DOE said.
There are also 249 pending projects under the RE law, with a potential capacity of 3,301 MW and 20.75 MW of installed capacity.
The Energy department is focused on solving the short-term power supply problem in Mindanao.
The Mindanao Development Authority (MinDa), has been urging renewable energy investments in the region to help address the current power supply crunch.
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The government has been encouraging players in the renewable energy sector through feed-in-tariffs.
The FIT regime is a form of incentives for renewable energy players.
Feed-in tariffs offer cost-based compensation to renewable energy players among other perks.