THE Asian Development Bank’s (ADB) clean energy pipeline for the Philippines covers four projects involving offshore wind, geothermal de-risking, and rural electrification.
“There’s a few investments that are still being prepared, designed, and discussed with the government. One is this de-risking investment that I spoke about,” ADB Country Director for the Philippines Pavit Ramachandran told reporters on June 3.
Mr. Ramachandran was referring to the multi-tranche Geothermal Resource De-Risking Facility, which is targeted for approval this year.
The facility will supply contingent convertibles up to 50% of total cost of drilling to reduce investment risk at the geothermal development exploration stage.
The Department of Energy said the project awaits the approval of the Investment Coordination Committee of the Department of Economy, Planning, and Development (DEPDev).
Some $190 million will be sourced from ADB’s ordinary capital resources. An additional $60 million will be funded by the Association of Southeast Asian Nations Catalytic Green Finance facility.
“The Energy Efficiency of Public Buildings Program was the other one,” Mr. Ramachandran said.
This $500-million project will focus on the procurement and installation of energy efficient lighting, high efficiency air conditioning, distributed solar photovoltaic modules, smart metering and/or electric vehicle charging stations.
Additionally, the ADB said it will be supporting the preparation of offshore wind projects and the National Total Electrification Support Program.
The Supporting Offshore Wind Port Development Planning technical assistance worth $400,000 will help government agencies prepare pre-feasibility study reports on offshore wind ports.
Meanwhile, the National Total Electrification Support Program, which has an indicated 2026 approval year, will require a $461-million loan from the ADB.
Under the Philippine Energy Plan 2020-2040, the government hopes to increase the share of renewable energy in the generation mix to 35% by 2030. — Aubrey Rose A. Inosante
