Philippines to invest $2.5 billion in solar energy company
Manila, Philippines — The Philippines will invest $1.7 billion in a Philippine solar energy technology company that will use technology from a private company owned by President Rodrigo Duterte, the government said Monday.
Presidential spokesman Ernesto Abella said the $2 billion investment in SolarCity will enable the country to boost its energy production capacity and help create jobs in the solar industry.
The company, which has applications in the United States, Europe and Asia, has applied for a patent on its solar panels.
SolarCity, founded by Elon Musk, the Tesla founder, said in a statement it is investing $1 billion to “break through the barriers of global monopoly and open new markets for solar.”