The Philippines Department of Energy (DOE) and the US Export-Import (Ex-Im) Bank have signed a Memorandum of Understanding (MoU) for US$ 1 billion worth of financing guarantees to support renewable energy and LNG industries in the Philippines.
"The signing of the MoU is an important venue to cultivate partnerships and cooperation between the Philippine Government and the American private sector," commented Energy Undersecretary, Raul B. Aguilos.
Under the MoU, DOE and Ex-Im Bank will exchange information on trade and business opportunities and explore options for using up to US$ 1 billion in loan guarantees and/or direct dollar loans to finance US exports in support of selected energy projects in the Philippines.
In particular, the DOE and Ex-Im will work together in promoting business development opportunities on renewable energy and LNG facilities including port, receiving terminals, regasification facilities, pipelines and other transportation infrastructures.
The Philippines DOE is currently preparing a fuel mix policy that would encourage energy diversification through the promotion of RE and LNG. By 2030, the DOE also targets a power generation capacity increase of 9930 MW.
For the LNG industry, the DOE is campaigning for the development of a Natural Gas Master Plan with technical assistance from the World Bank through its transaction advisors the Lantau Group and Arup. Conducted in three phases, the first two phases of the plan will focus on the establishment of an investment and transactional framework. Phase 1 has already been completed, and Lantau is now working on Phase 2 of the study. The third and final phase will involve the creation of a Master Plan for the longer term.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20032014/lng_industry_in_the_philippines_receives_financing_315/