THE Department of Energy (DoE) said it plans to link up potential renewable energy (RE) investors from overseas with local partners.

“There is heightened enthusiasm from international investors for unlocking the country’s RE potential, and we are linking them up with financing institutions, development organizations, government institutions, and engineering, procurement, and construction (EPC) companies for potential partnerships and access to financing,” Energy Secretary Raphael P.M. Lotilla said in a statement on Wednesday.

The DoE will host a business-to-business matching event on Feb. 22 aimed at assisting foreign investors in finding local partners.

The government has a target of increasing the share of RE to 35% by 2030 and 50% by 2040, according to the 2023-2050 Philippine Energy Plan.

As of January, the DoE has awarded 1,267 RE service contracts with a combined potential capacity of around 129,000 megawatts across various technologies.

“Their full development would benefit from partnerships among various private businesses,” the DoE said. — Sheldeen Joy Talavera