Brookfield eyes Philippines renewable energy expansion

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Brookfield Philippines renewable expansion

Highlights

Brookfield Corp. seeks to expand renewable energy investments in the Philippines, leveraging its 1.8 GW project pipeline through Alba Renewables Philippines Corp.
Philippine government targets raising renewable energy from 25% to 35% of the electricity mix by 2030 and 50% by 2040, increasing demand for private capital.
Brookfield's expansion comes as the country faces energy security risks, importing over 90% of oil needs and experiencing power supply threats from Middle East instability.

Investment interest and project pipeline

As reported by BusinessWorld, citing the Philippine Department of Finance, Brookfield Corp. is seeking to expand its footprint in the Philippines through renewable energy, following a recent meeting between Finance Secretary Frederick D. Go and Brookfield Energy Managing Director Stefano Ghezzi.

In a statement, Go says the government welcomes Brookfield's interest in expanding its investments in the country, particularly in renewable energy. He adds that such investments can help strengthen energy capacity, support a more reliable and affordable power supply, and create opportunities for economic growth and job generation.

Ghezzi points to the Philippines' growing commitment to renewable energy development and to reforms aimed at making the market more attractive to investors. Brookfield entered the Philippines in 2025 through its acquisition of Singapore-based Alba Renewables, which operates locally as Alba Renewables Philippines Corp.

Alba controls a development pipeline of about 1.8 gigawatts of wind, solar, and battery storage projects, mainly in the Philippines and Thailand. Brookfield also has an existing presence in the Philippines' business process outsourcing sector through its U.S. unit Everise, which has 7,000 employees in the country.

Energy security and sector implications

The investment interest comes as the Philippines faces pressure to diversify its energy base amid risks tied to imported fuel. Fighting in the Middle East has exposed the local power industry to potential disruptions, with the country importing more than 90% of its oil requirements from the region.

Renewable energy currently accounts for about 25% of the Philippines' electricity mix. The government is aiming to lift that share to 35% by 2030 and 50% by 2040, leaving room for new private capital in generation and storage projects.

In our earlier article on the Philippines’ planned government bond market reforms and expected index inclusion, we explained how standardizing peso bond pricing and attracting more foreign participation could improve liquidity and price discovery. We also noted that these financial-market upgrades alone don’t guarantee stronger business investment, because outcomes still depend on fiscal credibility, global rate conditions, and broader structural reforms that make it easier for companies to finance real-economy expansion.

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