The Philippines Board of Investments (BoI) has approved up to 144 renewable energy investment projects worth P170.9 billion for five years ending in December 2015, adding generating capacity of 3,861 megawatts (MW).
Of the renewable energy projects, hydropower plants accounted for the biggest portion at 45 followed by solar projects at 40. Biomass, geothermal and wind technologies made up 29, 15 and 15 projects, respectively. The country has yet to record a project using ocean technology.
Of the energy sector’s installed capacity of 18,445 megawatts (MW) as of mid-June 2015, nearly 32% was sourced from coal plants, 19.3% from hydro, 15.5% from natural gas, 10.4% from geothermal, and only 2% from wind and 0.55% from solar, statistics from the Energy department show.