Solar energy projects account for bulk of 998 RE contracts awarded by DOE

The Department of Energy (DOE) awarded a total of 998 renewable energy (RE) contracts as of June this year, with investments amounting to P270.8 billion.

In a statement Wednesday, DOE said the RE contracts have a total installed capacity of 5,460.59 megawatts and a potential capacity of 61,613.81 MW.

The biggest investments were in solar energy, which amounted to P130.44 billion, followed by wind RE technology at P52.91 billion, hydropower at P38.73 billion, biomass at P38.16 billion, and investments in geothermal energy at P10.54 billion.

To attract more investments in the RE sector, DOE Secretary Raphael Lotilla signed a circular increasing the utilization of RE for on-grid areas.

Lotilla said that increasing the RE utilization for on-grid areas would drive the country towards energy sustainability.

“Private sector investments are central in achieving our renewable energy targets and vision. To date, the share of renewable energy in the power generation mix is 22 percent. Our target share is 35 percent by 2030 and 50 percent by 2040,” he added. (PNA)