American companies KKR and Ally Power are investing $400 million each in the Philippines.
KKR was part of the US presidential trade and investment mission that concluded on Tuesday but this investment was not announced.
Based on the statement released by the US Department of Commerce on March 12, KKR through its investment in Pinnacle Towers, expects to continue investing approximately $400 million in the platform, including plans to develop and acquire roughly 2,000 towers to support digital connectivity across the Philippines.
Pinnacle Towers is the largest independent telecom tower operator in the Philippines.
The statement said KKR continues to be highly attracted to the dynamic Philippines market and looks to do more to support national infrastructure and development priorities.
Ally Power, a Maryland startup, announced a more than $400 million agreement with MPower, the Philippines’ largest electric retail supplier, to collaborate and build a hydrogen and electric refueling station.
The US commerce department said this station will produce hydrogen, electricity, and sodium aluminate to support the Philippines’ energy security and climate change agenda.
In addition, Ally Power aims to work with Meralco Power Academy, a local thought leader in energy education and consulting, alongside the University of the Philippines through a”¯Center of Excellence in promoting breakthrough American renewable energy technologies.
A project backed by Meta will be launched on March 25.
Meta has invested in the Pacific Light Cable Network international submarine cable system, which is supporting the Philippine government’s new National Fiber Backbone Phase 1. This project will connect the United States with locations in Luzon.
