The memorandum of understanding (MoU) signed by the parties outlines goals, roles, and responsibilities of a strategic collaboration to establish tidal energy with Minesto’s technology in the Philippines.

The deal leverages on the legislation improvement in the Philippines, introduced in late 2022, to facilitate and promote a shift in the energy mix towards more renewable energy development with higher foreign investment involvement.

In addition to extensive market-leading experience in tidal site identification and development in the Philippines, Poseidon Renewable Energy Corporation is also very well-connected in key local areas.

The tidal site developer holds several existing site permits and is locally well-established in areas of specific interest for tidal energy generation, which, according to Minesto, creates a mutual opportunity to shorten time-to-market and project risks related to environmental consenting and permitting.

Martin Edlund, CEO of Minesto, said: “We believe that the experience, local commitment, and entrepreneurial spirit of Poseidon Renewable Energy Corporation makes them a perfect match with Minesto and our ambition to lead tidal energy build-out in one of the world’s largest tidal energy markets in Southeast Asia.”

Salvador Tan, CEO of Poseidon Renewable Energy Corporation, added: “Ocean energy has been largely untapped in the Philippines despite the apparent potential of the power source because of the scarcity of available technologies. Minesto and Poseidon will soon change that and finally unlock the promising ocean power.”

The Philippines is one of the largest markets for deployment of tidal and ocean current energy farms and the need for renewable electricity is increasing with both economic development and new ambitious goals for increased share of renewables in the energy mix.