The Department of Energy (DOE) of the Philippines is collaborating with the Asian Development Bank (ADB) and the National Electrification Administration (NEA) to expand renewable energy development through a new single window auction program.
Under the plan, the DOE will auction available NEA facilities for renewable energy projects as outlined in the national transmission development plan. ADB will serve as the transaction advisor, and a memorandum of agreement with NEA will follow once the policy framework and detailed proposal are finalised. Capongcol said this approach aims to streamline the bidding process by packaging site information and project terms for investors.
Capongcol also highlighted that the Philippines remains the second most attractive market globally for renewable energy. The country currently sources around 22 per cent of its energy from renewable sources, with a target to increase this share to 35 per cent by 2035 and 50 per cent by 2040. As of now, there are 544 active solar projects nationwide with a combined capacity of about 2,425 MW, spanning rooftop, ground-mounted, and floating systems.