The UK’s commitment to global sustainability took a significant step forward with a £12.5 million investment in the Philippines’ renewable energy sector. Through the MOBILIST programme, the UK government has partnered with Citicore Renewable Energy Corporation (CREC) to boost the country’s clean energy initiatives.
This landmark investment underscores the UK’s dedication to supporting emerging markets in their transition to sustainable energy sources.
Empowering Renewable Energy in the Philippines
The partnership between the UK’s MOBILIST programme and Citicore Renewable Energy Corporation represents a pivotal moment for the Philippines’ renewable energy landscape.
CREC, the second-largest solar energy generator in the Philippines, recently listed on the Philippine Stock Exchange (PSE) in a move that highlights the growing momentum behind clean energy investments.
This collaboration is set to catalyze further development in the sector, particularly with CREC’s plans to expand its solar and wind project pipeline over the next three years.
British Ambassador’s Involvement
During a recent visit to CREC’s largest solar power plant under construction in Batangas, British Ambassador to the Philippines Laure Beaufils emphasized the significance of the UK’s investment.
The plant, expected to be completed in two phases, will provide a much-needed boost to the Luzon Grid, contributing to the country’s energy security and sustainability goals.
“This investment will help catalyse investments towards an approximately 1GW of additional solar energy capacity per year over the next five years in the country,” said Ambassador Beaufils.
The Strategic Role of MOBILIST
MOBILIST’s involvement in CREC’s IPO marks its first investment in the Philippines and reflects the UK government’s broader strategy to support infrastructure development and green transitions across Southeast Asia.
The programme, part of the British Investment Partnership (BIP), aims to mobilise institutional capital for sustainable development projects in emerging markets.
By participating in CREC’s IPO, MOBILIST is not only providing financial backing but also setting a precedent for future investments in the region’s renewable energy sector.
Ross Ferguson, FCDO MOBILIST Programme Lead, highlighted the importance of this initiative:
“CREC’s listing demonstrates that public markets can finance sustainable development at scale and potentially play a powerful role in financing the energy transition in the Philippines and other emerging markets.”
Impact on the Renewable Energy Sector
The investment in CREC is expected to have a ripple effect on the Philippine renewable energy market.
With £12.5 million in capital, CREC plans to fund the development of solar energy plants and battery energy storage systems, aiming to reduce carbon emissions by approximately 3.3 million tons upon project completion.
This initiative aligns with the Philippine Department of Energy’s target of increasing renewable energy’s share in the national energy mix to 35% by 2030 and 50% by 2050.
Impacts of MOBILIST’s Investment in CREC
Impact Area |
Expected Outcome |
|---|---|
| Capital Availability | £12.5 million for CREC’s solar and wind projects |
| Market Validation | Boosts confidence in the Philippine renewable sector |
| Project Development | Accelerated expansion of renewable energy capacity |
| Carbon Emissions Reduction | 3.3 million tons over the next three years |
| Job Creation | Increased employment in the renewable energy sector |
MOBILIST’s investment will increase capital availability, validate the renewable energy market in the Philippines, and accelerate the development of projects that will help the country meet its ambitious energy targets.
MOBILIST, CREC, and the PSE’s collaboration will attract further investments, creating a ripple effect that will support the broader energy transition in Southeast Asia.
Looking Ahead
The UK’s support through the MOBILIST program, as the Philippines expands its renewable energy infrastructure, sets a strong example of how public markets can drive sustainable development.
The investment in CREC’s IPO is just the beginning of what could be a transformative period for the country’s energy landscape, fostering innovation, job creation, and a more secure energy future for the Philippines.
Ramon S. Monzon, President and Chief Executive Officer of PSE, expressed optimism about the future:
“I hope this milestone investment in Citicore Renewable Energy Corporation will pave the way for more listing applicants whose businesses are aligned with the thrust of MOBILIST to receive funding and technical or advisory assistance.”
By continuing to support projects like CREC’s solar power plant, the UK is helping to ensure that the transition to renewable energy is not just a goal, but a reality for emerging markets like the Philippines.
Sources: THX News, NATIV, YCP Solidiance, International Trade Administration & British Embassy Manila.
