Philippines approves US$2.2 billion of renewable energy projects

The Philippine Department of Energy (DOE) has signed about US$2.2 billion worth of new renewable energy (RE) contracts with 18 power companies, it said. The US$2.2-billion investment involves 87 renewable energy contracts granted to 18 companies for the development of biomass, geothermal, solar, hydro power, ocean and wind energy resources. The total additional power capacity from new RE projects to be installed within the next five years now runs at 1,636 megawatts. (October 24, 2009)