Private equity investor New Wave Strategic Holdings Inc. plans to invest $50 million into the Philippine renewable energy market to help generate up to 1,000 megawatts (MW) of capacity mostly through the development of solar and wind farms in Luzon.
According to New Wave, it partnered with Malaysian government-backed investment firm Emissary Capital Partners Sdn Bhd in its goal to fund companies in the renewable energy industry, citing financial challenges faced by the private sector in the early stages of development.
“It is important that the Philippines develops a more mature ecosystem with capital providers across various stages of the investment cycle. Our value proposition is more than capital.
We help businesses scale within the Philippines and can open up regional Southeast Asia access,” New Wave director Emissary Capital Partners Sdn Bhd said in a statement over the weekend.
New Wave, a subsidiary of investment holding firm IP E-Game Ventures Inc., proposed this investment plan to President Marcos last week during his three-day state visit to Malaysia.
New Wave and Emissary Capital said they expected the addition of 1,000 MW in renewable energy capacity to generate another $1.5 billion in foreign direct investment into the country to complete the construction and operation of targeted sites.
This development comes after the Department of Energy announced that the country would need an additional 8,000 MW in capacity to meet the projected 25,000-MW peak demand in 2028. INQ
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