A new partnership between the Department of Energy (DOE) and the United States Agency for International Development (USAID) is expected to mobilize $750 million or P39 billion worth of investments in the energy sector.
In a statement Tuesday, the DOE said it signed a memorandum of understanding (MOU) with USAID for the Energy Secure Philippines (ESP) Activity last June 28.
The DOE said the USAID will fund $34 million or P1.65 billion through the ESP Activity that aims to help the country achieve its goal of enhancing energy security and reliability.
The ESP Activity is a five-year program aimed to promote private sector investment in advanced technology to make the energy sector inclusive and resilient to shocks and stresses.
“I anticipate that the plans and programs will bring us closer to our energy goals,” DOE Secretary Alfonso Cusi said. “Let us always keep in mind a vision of the improved lives of Filipinos.”
US Embassy in the Philippines Chargé d’ Affaires John Law said the ESP Activity aims to mobilize $750 million in investments that will add 500 megawatts in the generation capacity in the Philippines.
In a Philippine-US economic briefing last April, Cusi invited American firms to explore opportunities in the Philippine energy sector, particularly in renewable energy and exploration of indigenous energy sources.