New Wave Strategic Holdings Incorporated and Emissary Capital Partners Sdn Bhd have plans to invest USD50 million into the renewable energy (RE) sector in the Philippines. The investment will be dedicated to financing renewable energy projects, the electric vehicle industry, as well as clean energy and smart grid enablers. This is expected to generate 1,000 MW of bankable capacity.

Initially, the companies will focus on financing solar and wind projects in Northern Luzon.

Moreover, the partners will also support the Government of the Philippines’ plan of increasing the share of RE energy in the country’s total power mix to 35 per cent by 2030.