It is estimated that a renewable energy project may require an investment of about $1 million to $2 million per megawatt. A regular household is estimated to consume 1 MW of electricity for one year. The projects cover wind, hydro, biomass, solar, and ocean projects.
The Department of Energy (DOE) has reported that the country may also attract as much as $10 billion in new investments with the approval of the law’s implementing rules and regulations (IRR).
DOE director Mario Marasigan said that the department is presently observing 15 projects, mostly undertaken by local groups with foreign partners.
In addition to the state-owned PNOC-Renewables Corp., the companies interested in renewable energy projects include Lopez-led First Gen Corp., Aboitiz Power Corp., Trans-Asia Power, Energy Development Corp., Suweco, Constellation Corp., Oriental Energy, Green Power Philippines, Deep Ocean Philippines, Norasian Corp., and Philcarbon.
