Copenhagen Infrastructure Partners has become the first foreign investor to be awarded 100% ownership rights in the Philippines’ offshore wind sector. The country’s department of energy awarded the Danish firm the right to develop three wind farms with a total of two gigawatts capacity.

It follows the Filipino government’s recent removal of the 40% foreign ownership cap in sectors including renewables. 

The three projects will create 4500 jobs and generate enough power to supply one million households, the department of energy said in a statement announcing the news on March 30. 

Africa wins $7bn in climate commitments

The US government has announced more than $7bn worth of commitments to help Africa adapt to climate change. In a statement on March 31, the White House announced pledges from 27 private sector and philanthropic organisations to support the continent’s farmers, clean energy developments and other sustainability projects.

Companies making commitments include Mastercard, France-headquartered cocoa company Touton, US fertiliser firm Switch Bioworks and agriscience specialist Corteva.

On the same day, the US government announced it will offer $1bn in grants to help farmers and rural businesses invest in renewable energy systems and make energy-efficiency improvements.

More transparency for UK national security reviews

The UK government will become more “open and transparent” in its review of inbound foreign direct investment under its national security review regime, cabinet office minister Oliver Dowden has told the Financial Times (FT).

He pledged to hold business roundtables and update guidance to give companies more information about what to expect when deals are vetted under the legislation. “I want to engage properly [to show that] Britain is and should remain open for business and for investment,” Mr Dowden, who supervises the regime, told the FT. 

In 2020, the UK introduced the national security regime which allows the government to review and block foreign investments in 17 sensitive sectors. 

And finally: Goldman Sachs is investing between €150m and €200m in three seaside resorts in the north of Greece, the Wall Street Journal has reported citing unnamed sources.