Acciona execs meet Marcos, commit to invest in Philippines renewable energy sector

Executives of a European firm committed to invest in the country’s renewable energy sector during when they met President Ferdinand “Bongbong” Marcos Jr. on Wednesday.

Acciona, a global group that develops and manages sustainable infrastructure solutions, pledged to invest and boost the renewable energy sector in the country at the meeting on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit in Belgium.

The firm’s commitment coincided with the lifting of the 40% equity cap for foreign firms in renewable energy projects, particularly those for the solar and offshore wind sectors.

Acciona officials, led by its chairman Jose Manuel Entrecanales, said they were also looking at Manila as their main hub in Southeast Asia.

"To the extent of our possibilities… we are comfortable in your country. We find it welcoming and business-friendly, so we would like to make the Philippines one of our -- if not our main hub for Southeast Asia," Entrecanales said.

The company is expected to build a “smart infrastructure that is sustainable, mitigating, adapting, resilient, and transformative.”

Marcos said the investment was a welcome development, saying there had been "a lot of progress in that regard, but we need to do more in terms of building up our renewables.”

"There is this move to renewables, so we have to adjust… We'll have to increase our capacity for production,” Marcos said.

"These are all relevant to the Philippines, and I hope that I'll be able to see you there... your operations in these specific areas," he added.

Acciona is the principal contractor for the second section of the railway line that will connect Malolos City with Clark International Airport in the Philippines, 50 miles north of Manila.

The contract is valued at $656 million.

The firm also completed the 650-meter-long Cebu-Cordova cable-stayed bridge in the Philippines, which links Cebu City and Mactan Airport last September 2021. —Ivan Mayrina and Richa Noriega/NB, GMA Integrated News