The Philippine government is working with the Asian Development Bank to acquire all coal-fired power plants in Mindanao, a Department of Finance official said.
In a briefing hosted by the British Embassy, Finance Assistant Secretary Paola Alvarez, reading the speech of DOF Secretary Carlos Domiguez, said the government intends to repurpose the coal-fired power plants to increase the region’s renewable energy.
Alvarez said, “This proposal aims to shift most of Mindanao’s energy requirements to hydropower, which will eventually spur more investments from companies seeking to expand their operations in areas powered by clean energy.”
She said the government is working with ADB on the pilot-testing of the coal replacement fund.
She added, “We are in talks and in cooperation with the (Department of Energy) on how we could…do feasibility studies on the business model of how we can acquire coal-fired power plants.”