The Philippines hopes to increase the running capacity of one of its most prominent renewable energy sources – geothermal energy. In a recent and very enlightening forum spearheaded by the New Zealand Embassy, the Philippines’ Department of Energy (DoE) had made the commitment to at least develop 2,000 megawatts out of its existing geothermal power sources. And in order for this to happen, a large investment amounting to $8 billion (or P344 in local currency) needs to be allocated.
New Zealand’s involvement with the rather large boost that the DoE is aiming for is to provide the experience and expertise needed to implement large geothermal projects. If the partnership between the two countries does push through, an expected P202 billion worth of investments is seen to be generated. This is also in line with one of the goals of the National Renewable Energy Program, which is to increase the country’s overall power output by the the year 2030 (1,495 MW, or at least 75%).
Energy Secretary, Jose Rene D. Amendras hopes that such a partnership can be built between the two countries. Though no clear indication of a merger is in sight, New Zealand Foreign Minister Murray McCully is excited at such a prospect.