U.S. Department of Energy (DOE) Secretary Angelo T. Reyes said that in a decade, Manila in Philippines plans to generate 9,000 megawatts (MW) of power, two times its present levels.
A renewable energy project might need an investment of around $1 million to $2 million per megawatt, according to new estimations.
A regular household is expected to consume 1 MW of electricity for one year.
Philippines may also attract as much as $10 billion in fresh investments with the approval of the law’s implementing rules and regulations, DOE said.
The agency is currently assessing 15 projects, mostly undertaken by local groups with foreign partners, DOE Director Mario Marasigan said.
The projects cover wind, hydro, biomass, solar, and ocean projects, Marasigan added.
