DBP to invest in new and renewable energy projects
PROJECT | DBP to invest in new and renewable energy projects
The Development Bank of the Philippines (DBP) has signed a Memorandum of Understanding (MoU) with three firms to examine the possibility of investing in new and renewable energy (NRE) projects in the Philippines. Constellation Energy Corporation, Foundation Markets, and Enerasia Renewable Corporation have agreed in assisting DBP identify potential on-grid and off-grid sites for NRE projects. Under the MoU, the DBP is also set to cooperate with the three companies in addressing capital requirements of identified projects.
In a press release issued by the Development Bank of the Philippines, DBP president and CEO Reynaldo G. David said that the continued drop in global oil prices will not hamper the efforts to promote renewable energy. David added that they will also look at the potential involvement of foreign investments in the NRE projects.
Constellation Energy Corporation is involved in various NRE projects such as ocean, solar, wind, biomass, hydro and geothermal power plants. Enerasia Renewable Corporation is a Canada-based renewable energy and investment company. Foundation Markets is an investment bank with expertise in the areas of energy and environment.
