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Manila Bulletin devider Philippines devider National devider EU firm pledges investment in PH renewable energy, infra

EU firm pledges investment in PH renewable energy, infra

Published Dec 14, 2022 09:56 pm

A European firm in the field of renewable energy and infrastructure pledged to invest in the Philippines as President Ferdinand "Bongbong" Marcos Jr. met business leaders from the West at the sidelines of his participation in the ASEAN-EU Summit in Belgium.

Marcos secured the commitment of Acciona, a global group that develops and manages sustainable infrastructure solution that is eyeing Manila to become their main hub in Southeast Asia.

Their pledge came as the country lifted the 40 percent equity cap for foreign firms in renewable energy projects, particularly those for the solar and offshore wind sectors.

"To the extent of our possibilities... we are comfortable in your country. We find it welcoming and business-friendly, so we would like to make the Philippines one of our—if not our main hub for the Southeast Asia," Acciona Chairman Jose Manuel Entrecanales told Marcos in their meeting on Wednesday.

The European firm assured the President that it will build a "smart infrastructure that is sustainable, mitigating, adapting, resilient and transformative."

Marcos welcomed the development by noting that "there have been a lot of progress in that regard, but we need to do more in terms of building up our renewables."

"There is this move to renewables, so we have to adjust... we'll have to increase our capacity for production," said Marcos, whose agenda included push for renewable energy.

"These are all relevant to the Philippines, and I hope that I'll be able to see you there... your operations in these specific areas," he added.

Acciona is the principal contractor for the second section of the railway line that will connect Malolos City with Clark International Airport in the Philippines. The contract is valued at $656 million.

In September 2021, the EU-based firm completed the 650-meter-long Cebu-Cordova cable-stayed bridge in the Philippines, which links Cebu City and Mactan Airport.

Related Tags

Bongbong Marcos investment Belgium asean-eu summit brussels ACCIONA
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