DTI lauds renewable energy investment from German firm

BERLIN, Germany – Highlighting the Philippines’ goal of transitioning to cleaner energy resources, President Ferdinand R. Marcos Jr. together with and his economic team led by Department of Trade and Industry (DTI) Secretary Fred Pascual held discussions with WPD officials to discuss investment in renewable energy sources. The Philippine delegation met with Mr. Björn Nullmeyer, Chief Finance Officer, and Mr. Hans-Christoph Brumberg, WPD General Manager Asia, as part of the President’s business itinerary during his visit to Germany from 12-13 March 2024.

“The DTI will continue to assist WPD in navigating its way through the regulatory bureaucracy in the Philippines. Through the Board of Investments (BOI), one of our attached investment promotion agencies, we will work closely with your company to fast-track your application for green lane under Executive Order No. 18, which constitutes Green Lanes for Strategic Investments,” Secretary Pascual said.

The Philippine delegation also acknowledged the significance of WPD’s proposed investments in Renewable Energy (RE), including WPD’s additional onshore wind farms committed to be built before 2030. They added that this aligns with the Philippine government’s objectives to achieve RE mix targets of 35% and 50% by 2035 and 2050, respectively.

During the meeting, the Philippine delegation discussed the WPD’s ongoing development work for the establishment of offshore wind farms in Cavite, Negros Occidental, and Guimaras, valued at an initial investment cost of PHP 392.4 billion. This investment is similar to the largest foreign investment recorded with the BOI in 2023, and the single biggest investment from Germany to date, fostering momentum for continued German investments in the Philippines.

Apart from the previously committed offshore wind investments, WPD is already undertaking pre-development activities for five onshore projects in the Ilocos Region, Aklan, Iloilo, Antique, and Bulacan with a combined RE capacity of 565 megawatts and with an estimated combined investment value of PHP 56 billion, with completion dates between 2027 and 2030. /