ALTERNERGY Holdings Corp. has received inquiries from foreigners on renewable energy (RE) after the legal opinion of the Justice department that investments are not subject to foreign ownership restrictions, its chairman said.
“We have received inquiries from companies abroad. Alternergy, as a local renewable energy pioneer with projects that are already operational, under construction and in the pipeline, fully understands the permitting, political, local and environmental landscape as well as community engagements,” Vicente S. Pérez, Jr., chairman of the power company, said in a media release.
Mr. Pérez said the legal opinion of the Department of Justice (DoJ) could spur investments that can hasten the development of local renewable sources.
“We expect that this will bring in increased capitalization to further accelerate the development of RE resources in the country,” he said.
In a media release last week, the Energy department cited the DoJ legal opinion, which said exploration, development, and utilization of inexhaustible renewable sources are not subject to Section 2, Article 12 of the 1987 Constitution which limits foreign equity to 40% of an RE project.
The DoJ said that foreign ownership of natural resources only covers things that are “susceptible to appropriation,” which excluded the sun, wind, and ocean.
Alternergy said that to date, several projects are being co-developed with foreign partners. The power company aims to develop up to 1,370 megawatts of additional wind, offshore wind, solar, and run-of-river hydro projects. — Ashley Erika O. Jose