POWER CAPACITY provided by renewable energy is expected to hit 5.4 gigawatts (GW) in 2026, making the Philippines one of the “outperformers” in the region, BMI Research said.
“Increasing investor interest in the [Philippine] renewables sector, supportive government policy and renewed efforts to channel investment into grid infrastructure underpin our constructive growth forecasts for non-hydropower renewables capacity in the Philippines,” BMI Research said in a report released on Tuesday.
The firm said it had made “a slight upward revision to our renewables forecasts for the Philippines this quarter, as we have seen increasing investor interest in the market and rising support from the government towards the sector.”
It said its previous forecast placed the country’s non-hydro renewables capacity at 4.3 GW. It said the project pipeline had strengthened across the wind, solar, biomass and geothermal sectors.
“We now expect non-hydro renewables generation to total just over 19 terawatt hours (TWh) by the end of our 10-year forecast period in 2026, up from the previous forecast of 17.5 TWh,” it said.
BMI Research’s report comes amid recent developments in the sector, including an announcement in October by the US Trade and Development Agency that it awarded a grant to Philippine company Tayabas Geothermal Power.
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