Portuguese companies expressed interest in investing in the Philippine renewable energy industry, the Department of Energy said Tuesday.
Portuguese Foreign Minister João Gomes Cravinho, in his courtesy visit to Energy Secretary Raphael Lotilla on July 27, said Energias de Portugal and EDP Renewables were interested to invest in the country’s RE projects.
Portuguese electric utilities company EDP generates 74 percent of its energy requirements from RE and aims to be 100-percent green by 2030. It is the world’s fourth largest wind energy producer and is a global leader in onshore wind farms. Meanwhile, EDPR was established to manage, operate and invest in the renewable assets’ portfolio of EDP.
Cravinho said both companies planned to expand their presence in Southeast Asia through investments in the Philippines. He said potential areas of cooperation include RE development and alternative fuels.
Energy Secretary Raphael Lotilla welcomed the possible areas for cooperation with Portugal such as offshore wind and floating solar development, hydrogen and ammonia production using RE, liquefied natural gas importation and improvement of transmission and distribution lines in the Philippines to support its economic development and energy transition agenda.
Portugal, as an early starter in RE, has similar challenges with the Philippines and is interested in DOE’s approach in developing and utilizing the country’s RE sources.
Lotilla expressed interest in the experience of Portugal in repurposing and incentivizing the transition of coal power plants by using other alternative fuels such as co-firing with hydrogen or ammonia.
Portugal decommissioned its two-remaining coal-fired power plants in 2021.
The EDP coal-fired power plant in Sines closed in January 2021, while the Tejo Energia Pego coal-fired power plant closed in November 2021, which gave signals that coal exit is possible through a combination of carbon pricing, renewable energy investment and just transition planning.
The Foreign Minister said he would communicate the outcomes of the courtesy visit to the Portuguese Minister for Environment and Climate Action João Pedro Matos Fernandes to further discuss it with Lotilla in the forthcoming COP28 Meeting in December in Dubai.
The Foreign Minister, along with the members of his delegation, was accompanied by Philippine Ambassador to Portugal,ACelia Anna Feria and Ambassador of Portugal to the Philippines Maria João Falcão Poppe Lopes Cardoso.