MANILA — United Kingdom-based energy services firm, Wood Group Plc., is looking into investment opportunities in local solar farm projects, Trade Secretary Ramon Lopez disclosed on Friday.
In an interview, Lopez said the Wood Group is among the British companies that expressed interest in the Philippine market during a recent trade and investment roadshow in London in September.
He added that executives of Wood Group are scheduling visits to the country to look into possible partnerships and potential areas of investment.
The trade chief mentioned that renewable energy projects, such as solar farms, can feed produced energy to airports, which are known as the top source of carbon emissions.
Should its entry into local renewable energy projects materialize, the Wood Group will then diversify its business operation in the country. The British firm already has partnership with Shell for asset management services for Malampaya.
The Department of Trade and Industry’s (DTI) investment arm, the Board of Investments (BOI), has listed renewable energy projects in the Investment Priorities Plan (IPP), wherein these projects can enjoy income tax holiday and other fiscal incentives.
Investments in the power sector, driven by renewable energy projects, are the top source of the BOI’s investment pledges for the first half of the year.
BOI approved a total of PHP108.2 billion worth of energy-related investments from January to June 2018, surging by 168 percent from PHP40.3 billion investments for this sector during the same period in 2017. (Kris Crismundo/PNA)
