The Nordic Business Council of the Philippines (NBCP) said Nordic companies are closely looking at the possibility of entering the country’s renewable-energy (RE) market.
Speaking on the sidelines of their recently concluded Renewable Energy Seminar in Makati City, NBCP Executive Director Joona Selin said there is strong interest from companies to see the viability of them having a presence in the country.
“We have the know-how in renewable energy and how to use resources properly. We want to share our success stories,” Selin said, while adding they appreciate the fact that major conglomerates in the Philippines are realigning themselves to use RE.
According to Selin, there are currently 12 Nordic companies that are in various stages of exploration into business opportunities in the country.
He said these companies, without giving any names and are mostly on the solar-energy side, are looking at joint ventures in the country or supplying technology to local counterparts.
“Companies are looking at it. There are ongoing talks. Some are in the study phase,” Selin said.
He added that there is now a need for the Philippines to shift from the use of coal and gas to RE.
There are currently 29 new coal plants that have either been built or under construction, which were given 20-year contracts.
Selin said that, even with the price of coal are the cheapest at the moment, he would want to give it a couple of years to see how it will evolve as compared to RE.
During the Renewable Energy Seminar, the NBCP brought in several key industry leaders to provide their respective perspectives.
Among the resource person were Poyry Energy Consulting Head of Energy Petri Haataja, Alternergy COO Knud Hedeager, Solar Philippines Founder Leandro Leviste, SN Power Country Director Tor Stokke and BDO Unibank Senior Executive Vice President Walter Wassmer.
The NBCP considers the Philippines as a rising economic power in Asia backed by strong macroeconomic fundamentals over the past five years.
It believes that, with various government incentives, there is potential for investments in the country, including renewable energy, as demand for power supply increases with brisk business activities and an rise in population.
Aside from renewable energy, the NBCP also sees opportunities for investments in the information technology and business-process management, construction and infrastructure, health care and manufacturing industries. The NBCP, established in 2012, now counts 100 member-companies in its organization.