Ocean Thermal Energy Corporation (OTE) has informed that it continues to attend meetings with government officials, Filipino business leaders, and the US Department of State to discuss plans for the deployment of ocean thermal energy conversion (OTEC) technology in the Philippines.
The Pennsylvania-based company unveiled plans to introduce OTEC projects to the Philippines in September 2017, saying it had already held several meetings with the aforementioned parties. According to OTE, initial meetings in New York and Manila with stakeholders have shown promise.
Promotion and support of renewable energy in the Philippines, including OTEC, was intensified with the passing of the Renewable Energy Act of 2008, which made a feed-in-tariff and a renewable portfolio standard. In June 2017, the Government of the Philippines issued an executive order to reduce time and bureaucracy for permitting of renewable energy projects.
Jeremy Feakins, Chairman and CEO of Ocean Thermal Energy Corporation, said: “We are excited about this development of a very positive and supportive investment environment for renewable energy, especially Ocean Thermal Energy Conversion, in the Philippines. Considering the keen government interest in our technology, the Philippines could become the world leader in renewable energy, and a shining example for the rest of the developing world. OTE’s business model and technology provide an ideal fit for this approach and we continue our ongoing talks with the Government of the Philippines to establish ourselves as the leader for the implementation of renewable energy in this part of Asia.”
Thirty percent of the Philippines’ energy is already renewable and it aims to triple that by 2030. The government of the Philippines sees the growth of the renewable energy sector as essential for its national energy security, as the Philippines’ fossil fuel sector is unsustainable and dependent on import.