Allowing foreign investors full ownership of large-scale geothermal projects
20 Oct 2020
On 20 October 2020, the Department of Energy adopted a circular on the guidelines for the third Open and Competitive Selection Process (OCSP3) in the awarding of renewable energy service contracts. The circular allows for 100% foreign ownership in large-scale geothermal exploration, development, and utilization projects. However, there are some conditions that foreign investors should meet if they wish to participate such as (1) the investment should be large-scale, with a minimum investment cost of about US$50 million, and (2) it should be implemented under the Financial and Technical Assistance Agreement (FTAA) as provided under the Constitution.
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Type:
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Entry and establishment (Ownership and control)
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Industry:
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Services (Electricity, gas, steam and air conditioning supply)
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Sources:
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Department of Energy, DOE Statement on Allowing Foreign Investors 100% Ownership of Large-scale Geothermal Projects, https://www.doe.gov.ph/press-releases/doe-statement-allowing-foreign-investors-100-ownership-large-scale-geothermal-0, 30 Oct 2020
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Thnik Geoenergy, Philippines allows 100% foreign ownership in large-scale geothermal projects, https://www.thinkgeoenergy.com/philippines-allows-100-foreign-ownership-in-large-scale-geothermal-projects/#:~:text=Philippines%20allows%20100%25%20foreign%20ownership%20in%20large%2Dscale%20geothermal%20projects,-Makban%20geothermal%20power&text=The%20Philippines%20are%20now%20allowing,investment%2, 27 Oct 2020
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CNN Philippines, PH now allows 100% foreign ownership in large-scale geothermal projects, https://www.cnnphilippines.com/news/2020/10/27/renewable-energy-philippines-foreign-ownership.html, 27 Oct 2020
