The National Development Company (NDC), a government-owned investment arm focused on supporting strategic industries in the Philippines, has signed a Letter of Intent with Asia Energy Transition Platform 1 VCC (AETP) to explore investments in renewable energy projects and infrastructure across Southeast Asia. This collaboration aims to catalyze the deployment of capital towards sustainable energy solutions, with a particular emphasis on solar, wind, energy storage, and other clean energy technologies within the Philippines.

AETP, a Singapore-based private equity fund, seeks to channel investments into high-impact renewable energy projects, including microgrid projects, commercial and industrial solar, wind energy, energy storage and energy efficiency technologies across Southeast Asia. This partnership reflects NDC’s commitment to advancing the Philippines’ decarbonization efforts by attracting foreign investment and supporting pioneering energy projects that promote sustainable growth in the region.

A key focus of the partnership will be on extending industry expertise and increasing capital availability for renewable energy projects by attracting additional foreign investment into the Philippine renewable energy market and fostering sustainable development. “We recognize that a potential partnership with [AETP] is aligned with NDC’s investment criteria for projects that are pioneering, developmental, inclusive, sustainable and innovative,” said Undersecretary Antonilo DC. Mauricio, General Manager of NDC. “NDC is keen to explore, evaluate, and consider pathways towards investing into AETP and support a pipeline of opportunities that can serve the Philippines’ energy market.”

As one of its priorities, NDC is dedicated to supporting innovative, sustainable, and inclusive energy projects that can contribute to the country’s decarbonization targets and energy infrastructure. Through this partnership, NDC will work with AETP to identify and support a pipeline of clean energy projects tailored to the needs of the Philippines’ energy market.

Vikas Gattani, Fund Manager and Director at AETP, commented, “The Philippines is a leading pioneer in the accelerated deployment of renewable energy and the transition to clean energy sources in the region. The liberalized and deregulated power market of the country, including recent developments allowing for 100% foreign ownership of power assets, has become a shining example in the region of a thriving energy sector that has allowed the emergence of innovative solutions to climate challenges that are being replicated in Southeast Asia.”

This joint initiative between NDC and AETP underscores the Philippines’ commitment to meeting its ambitious renewable energy targets. With NDC’s guidance and AETP’s platform for scaling projects, this partnership is expected to attract further investment and expand clean energy infrastructure in the Philippines.