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RE asset finance for PHL reaches USD 798-M in 2015
By Juzel L. Danganan
MANILA, June 1 (PNA) -- Renewable energy asset financing in the Philippines reached USD 798 million last year, according to the Renewables Global Status Report released Wednesday by global organization Renewable Energy Policy Network for the 21st Century.

The association said the Philippines is the fifth country in Asia to have the biggest asset finance for renewables -- amounting to USD 798 million.

"Apart from China, Japan and India, Thailand was the only other country in Asia to reach USD 1 billion in asset finance for renewables. Thailand was followed by the Philippines (USD 798 million), Pakistan (USD 723 million), the Republic of Korea (USD 395 million), Vietnam (USD 248 million) and Kazakhstan (USD 101 million)," it said.

The Paris-based association also pointed out the Philippines, among other countries, emerged as "important markets" for more than one renewable technology.

The Philippines started offering the feed-in-tariff subsidy in 2014 to encourage investments in emerging renewable technologies, such as biomass, hydro, ocean, solar and wind. RE developers are allowed to charge at a per kilowatt-hour rate for 20 years.

For asset finance around the globe, grid-scale renewable energy projects amounted to USD 34.3 billion in the first quarter of 2016 -- down by 16 percent for the same quarter last year.

"Asset finance of utility-scale renewable energy projects amounted to USD 34.3 billion worldwide in Q1 2016, down 16% compared to the same quarter in 2015," it said.

Global investment in renewable energy, on the other hand, was lower by 12.5 percent at USD 52.7 billion for the first quarter of 2016 -- compared with USD 60.2 billion for the same period last year.

Last March, the Philippine Board of Investments reported it approved a total of 144 renewable energy projects -- with a capacity of 3,861 megawatts -- that costs Php 170.94 billion from 2010 until December 2015. (PNA)
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