Decarbonisation of Electricity Generation on Philippine Islands (using Tidal Stream & Solar PV)

PROJECT OBJECTIVE

Approach to Transformational Change: The project “Philippines – Decarbonisation of Electricity Generation on Philippine Islands – Using Tidal Stream and Solar PV”, will provide both funding (via the financial cooperation (FC) component) and advisory support (via the technical cooperation (TC) component). The FC component will offer long-term concessional loans, rendering the TSE hybrid system investment project viable. The TC component will support the local government in adjusting regulations applicable for TSE, and in the standardisation of processes while supporting the review of existing power supply agreements. The expected impact of this project is that small island grid operators will be able to substitute fossil fuel-based electricity generation through TSE hybrid systems via replicable sustainable private investment projects. These projects will install 50 MW of TSE hybrid systems, and around 100 MWh battery storage in off-grid islands in the Philippines during the lifespan of the project. Additionally, the project expects to catalyse the market for privately financed TSE hybrid investment projects by making financing sources accessible, supporting the establishment of favourable regulatory conditions. Through the long-term concessional loans to be provided by the project, over EUR 160 million are expected to be leveraged from the public and private sectors.