PH now allows 100% foreign ownership in large-scale geothermal projects
During his speech for the Singapore International Energy Week 2020, Energy Secretary Alfonso Cusi confirmed that the Philippines now allows 100% foreign ownership in large-scale geothermal exploration, development, and utilization projects.
Cusi said he has already signed on October 20, a Department Circular providing the guidelines for the third Open and Competitive Selection Process (OCSP3) in the awarding of Renewable Energy (RE) Service Contracts.
“From an investment perspective, OCSP3 allows for 100% foreign ownership in large-scale geothermal exploration, development, and utilization projects,” he said.
The Department of Energy (DOE) defines large-scale geothermal projects as those with an initial investment cost of about $50-million capitalization through Financial and Technical Assistance Agreements (FTAAs).
