Philippines accelerates 200 power projects to strengthen energy security, renewables

The Philippines is accelerating around 200 power projects to strengthen energy security by 2028. (Photo: iStock)

The Philippines’ Department of Energy (DOE) said it is fast-tracking around 200 power generation projects as the country seeks to strengthen energy security by 2028 amid rising electricity demand, volatile fuel markets, and growing geopolitical uncertainty. “Energy security is inseparable from national security,” said DOE Undersecretary Felix William Fuentebella on Tuesday.

The Philippines will require an additional 20 GW of renewable energy capacity to achieve its target of sourcing 50% of electricity generation from renewables by 2040, according to Energy Secretary Sharon S. Garin.

Unlock the full article to explore three key takeaways:

1. The Philippines is accelerating around 200 power generation projects and has secured 16.9 GW through its Green Energy Auction Program, while also integrating 55 permitting workflows into a single platform to reduce administrative barriers for developers.
2. Analysts at S&P Global project the country will reach only 27% to 28% renewable energy share by 2030, below the government's 35% target, with grid planning gaps and insufficient storage capacity identified as the primary technical constraints.
3. Solar project financing costs in the Philippines run approximately three to four percentage points above regional peers, driven by country risk premiums and regulatory uncertainty that make international lenders more cautious.