MANILA -- President Ferdinand R. Marcos Jr. has continued to secure key investment pledges from European firms, this time in renewable energy and infrastructure, which are among his administration’s priority agenda.
Acciona, a global group that develops and manages sustainable infrastructure solutions, has committed to invest in the country’s renewable energy sector during its meeting with the chief executive on the sidelines of the Association of Southeast Asian Nations-European Union (ASEAN-EU) Commemorative Summit in Brussels, Belgium.
The EU-based firm’s commitment coincides with the lifting of the 40 percent equity cap for foreign firms in renewable energy projects, particularly those for the solar and offshore wind sectors.
Acciona officials, led by Chairnan Jose Manuel Entrecanales, are also looking at Manila as their main hub in the Southeast Asian region.
“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 the Southeast Asia,” Entrecanales said.
Acciona gave assurance to building “smart infrastructure that is sustainable, mitigating, adapting, resilient and transformative.”
President Marcos said the investment is a welcome development, noting that “there have 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,” said the President.
“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,” the President told Acciona officials.
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.
In September last year, the EU-based firm completed the 650-meter-long Cebu-Cordova cable-stayed bridge in the Philippines, which links Cebu City and Mactan Airport. (PND)
