A memorandum of understanding (MoU) has been signed by Korea East West Power (KEWP), Alternergy and Export Import Bank of Korea (KEXIM) and the for the financing and development of wind power projects with a total of USD 150 million in project loans. KEWP has committed in principle to invest USD 50 million in wind power projects in Alternergy Philippine Holding Corporation.

This is the first concrete investment in renewable energy projects in the Philippines since the ratification of the landmark Renewable Energy Law. The Philippines have a significant renewable energy potential and an attractive set of incentives for their development. KEWP has scoped several locations for wind power projects, each with about 30-40 MW each.

The Philippines are planning to double renewable power generation from 4500 MW to about 9000 MW within the next ten years. Based on research findings, the country has about 200,000 MW of renewable energy potential, making it a very interesting market for renewable energy developers.