Through an investment into Renewable Energy Asia Fund II, managed by Berkeley Energy, Mercy Investment Services’ Environmental Solutions Fund has enabled clean energy projects to be delivered to the Philippines, Indonesia & India.
In late 2022, the Philippines’ energy minister predicted a “difficult” power supply situation in 2023, encouraging use of renewable energy sources. Through its investment into REAF II, Mercy Investment Services has invested into Philippine Hybrid Energy Systems Inc. (PHESI), which operates a wind power project that has increased access to energy in off-grid areas in the Province of Puerto Galera, Oriental Mindoro, Philippines. The project currently has eight wind turbines installed and operating, capable of generating 16 megawatts of power coupled with a 6MWH battery energy storage system to manage the variability of PHESI’s renewable power onto the island grid. This hybrid solution is the first project of its kind in Southeast Asia. The first phase of the project was commissioned in 2019, and PHESI is currently developing phase 2 of the project, which will add 10 megawatts of wind power.
Since the beginning of the project, Berkeley Energy has engaged communities in the project development, created local jobs, built a new community hall and basketball court, provided assistance to the local school, and will be sharing future project revenue with the community. Up until end of 2021, PHESI planted more than 100,000 seedlings over the life of the project consisting of endangered and indigenous species.
Mercy Investment Services’ Environmental Solutions Fund invests in a range of projects addressing the climate crisis including cleantech, water, sustainable agriculture, and sustainable agriculture and forestry. Learn more about the impact of these investments.