Philippines Solar & Wind

Renewable energy in the Philippines

• Annual electricity demand forecast to increase by 65GW by 2040, on the back of a young and growing population and strengthening per capita GDP
• Strong long-term PPA pricing to support renewable energy, low off taker risk and no subsidies required
• Legislation supportive of renewable energy - transparent, objective and clearly defined desire to move away from fossil fuels
• 2010-2019 average annual growth 6.4%, BBB+ rating (S&P)
• Large deficit of renewable power production vs government targets, in part created by barriers to entry including limitations on foreign ownership in independent power producers
• Deployment of renewable energy seen as strategically important to boost energy independence/security and reduce reliance on imported fossil fuels
• Government has invested heavily in grid infrastructure and continues to do so, supporting deployment of new generation assets

Coro's Current work programme:

Coro is focused on securing land access alongside regulatory permits and approvals, securing offtake arrangements and data gathering at the proposed sites.

During 2023 the Philippines Department of Energy awarded Coro a Wind Energy Service Contract ("WESC") in respect of an area of interest onshore Oslob with the intention to progress a utility scale 100MW Wind Power Project.

The Company has both a meteorological mast and LiDar on location in the area of interest onshore Oslob to collect data.

Coro is also pursuing a 100MW ground mounted solar project in the same area.