The Department of Energy (DOE) said Tuesday, August 1, that Portuguese energy firms are eyeing investments in the Philippines’ renewable energy sector.
According to DOE, the interest of Energias de Portugal (EDP) and EDP Renewables (EDPR) in investing in the nation's renewable energy projects as well as alternative fuels like hydrogen was discussed by Portuguese Foreign Minister Joo Gomes Cravinho with Energy Secretary Raphael Lotilla during his courtesy visit on July 27.
The DOE said Lotilla mentioned several potential areas for cooperation, including the growth of floating solar and offshore wind (OSW), the production of hydrogen and ammonia using renewable energy, the importation of liquefied natural gas (LNG), and the improvement of transmission and distribution lines in the Philippines to support its agenda for economic development and the transition to a more sustainable energy source.
Moreover, Portuguese firms have also expressed their interest in expanding their presence in Southeast Asia through investments in the Philippines.
Lotilla also stressed Portugal's expertise in converting coal power stations to run on other alternative fuels, such as co-firing with hydrogen or ammonia and incentivizing this transition.
In 2021, Portugal shut down its final two coal-fired power units.
Both the EDP coal-fired power plant in Sines and the Tejo Energia Pego coal-fired power plant shut down in 2021, sending signals that a transition away from coal is feasible with the help of carbon pricing, renewable energy investment, and just transition planning.
Portugal which is a pioneer in renewable energy, faces issues similar to those faced by the Philippines and is interested in learning how the DOE plans to develop and use the country's RE sources.
