Geothermal power producers said a P10-billion program aimed at reducing geothermal development risks will aid the Philippines in achieving energy security, as reported by BusinessWorld. The National Geothermal Association of the Philippines (NGAP) welcomed the approval of the Department of Energy’s (DoE) Philippine Geothermal De-Risking Facility.
NGAP described the facility as a ‘milestone’ that eases the way for the use of indigenous power sources, reducing dependence on imported fuels. The program aims to cover exploration and development risks that have historically deterred private investment in geothermal projects.
The Philippines is the world’s third-largest geothermal producer, but growth has stalled. Industry leaders hope the de-risking mechanism will accelerate new projects and help the country meet its renewable energy targets.