NORWEGIAN Ambassador to the Philippines Christian Halaas Lyster said Mindanao is a potential destination for renewable energy investments.
Speaking in the sideline interview at the “EFTA-Mindanao Dialogue: Maximizing Opportunities in the Regional Growth Corridor of Southern Mindanao” held at Seda Abreeza on Tuesday, April 28, Lyster said Mindanao has strong natural potential for hydropower, solar, and offshore wind development.
Mindanao, he said, holds untapped potential for further development where offshore wind was also identified as an area of significant opportunity.
“Looking at Mindanao alone, I see potential for investments in renewable energy,” Lyster said.
Norway, he noted, generates 98% of its electricity from hydropower and has a long history in renewable energy.
“We have a lot of companies who have been working on solar, floating solar, wind, and especially offshore wind. These are areas where there’s a lot of potential in Mindanao,” Lyster said.
While he confirmed there is dialogue ongoing for RE projects, but not directly related to Mindanao.
He said Norwegian companies expressed interest in the whole of the Philippines, not specific to an island.
However, he expressed confidence about a bigger footprint for RE companies in the country.
Beyond private companies, Norfund, Norway’s investment fund, he said, has an existing portfolio in the Philippines and is looking to expand.
Lyster described Norfund as having invested in different projects and will continue to seek investment opportunities that could directly benefit Mindanao.
The official noted that the current energy situation worldwide, amid growing global pressure to shift away from fossil fuels, should push many countries, including the Philippines, to accelerate their transition to clean energy.
“It’s a push not only for the Philippines but for a lot of countries to move faster towards a green transition,” the official said.
The official emphasized that the business environment in the country over the years has become better for foreign investors, citing the 100% foreign ownership of renewable energy.
Through Department of Energy Circular No. 2022-11-0034, foreign entities can fully own projects in solar, wind, biomass, and ocean/tidal energy, in a bid to reach 35% renewable energy share by 2030 and 50% by 2040.
