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EU urges PH to tap available funding for innovative energy projects

October 26, 2018 News

MANILA -- The European Union's (EU) delegation to the Philippines urged local stakeholders to tap its available funding for sustainable and reliable energy projects.

EU Project Manager for Cooperation Section Willy Hick said Thursday during the Energy Smart 2018 of the European Chamber of Commerce of the Philippines that EU’s Access to Sustainable Energy Programme (ASEP) provides investment support for innovative energy solutions.

One of the three components of ASEP is providing a 21-million-euro investment support package for pro-poor and climate resilient innovative business solutions in the power sector.

Hick said the EU urged stakeholders such as electric cooperatives, communities, and entrepreneurs, among others to submit their proposals for projects intended to help provide electricity to rural communities, particularly in Mindanao.

He added that under the program, the Delegation targets to sign deals before Dec.18.

Under the ASEP, the EU grants a 7-million-euro technical assistance and capacity building for reform as well as another 29-million-euro investment support through World Bank to provide 40,000 solar home system in Mindanao.

In total, EU’s ASEP here provides 57 million euros to help the Philippines promote sustainable and reliable energy.

“We wish to extend the ASEP program,” said Hick, noting that ASEP runs from 2016 to 2019.

For future interventions, Hick said the EU aims to promote “blending instrument”, which is a combination of loans and grants as investment support for viable businesses and projects that will generate new connections and additional power capacity.

He added that the EU will still be assessing the feasibility of “blending operations” and opportunities in the renewables sector in the country.

This will be under the Electrification Financing Initiative or the ElectriFi program of the EU, which is being rolled out in countries in Africa. (PNA)

Article was originally published on October 26, 2018 on the Philippines News Agency online