China Energy Engineering Group Co., Ltd. (Energy China) has signed eight cooperation agreements for two solar projects. The agreements pave the path for a 304-megawatt solar power plant in Bolo, Labrador, Pangasinan along with a second solar project of 49.50-MW, called the Shizen Palauig Solar PV project which will come up in Zambales.
Along with the said agreement, Energy China has also entered into agreements for 30 projects valued at over USD 10 billion. These will be established in =20 countries including Uzbekistan, the United Arab Emirates, Greece, Russia, and Saudi Arabia. The agreements span solar and wind energy, energy storage along with projects on power transmission.
In the last five years, Energy China has joined hands under the Belt & Road Initiative for contracts over RMB 500 billion (PHP 3.8 trillion).
The Philippines has set sights on achieving a 35% share in the power mix by 2030 and 50% by 2040.