Spanish renewable energy developer Iberdrola signed an agreement with local wind energy developer Triconti Windkraft Group and Swiss-based Stream Investment Holding for the co-development of as much as 3.5 gigawatts (GW) worth of offshore wind projects in the Philippines.
The parties have entered an agreement that covers five offshore wind areas awarded to Triconti by the Department of Energy (DOE).
The parties did not indicate the amount involved in the partnership.
“This partnership with such an experienced global player as Iberdrola is a strong sign of confidence in the Philippine market and potential of its offshore sector… It also ensures the emerging local offshore wind sector will be able to leverage on the expertise of the leading international offshore wind developer right from the beginning,” said Theo Sunico, Windkraft director, in a statement.
Last year, Triconti through Triconti ECC Renewables Corp., also partnered with German wpd group to develop a 75 megawatts (MW) wind farm in Aklan that was scheduled for commissioning by the end of 2023.
Triconti’s offshore wind prospects include the development of projects in Guimaras, Negros Occidental and Aparri, Cagayan, among others.
Last year, the DOE and the World Bank Group (WBG) launched the Philippine offshore wind roadmap project that aims to identify areas in the country with high potential for offshore wind development.
DOE said then, the project funded by the World Bank’s Energy Sector Management Assistance Program, will establish short and long-term offshore wind targets; formulate strategies to integrate offshore wind in the government’s renewable energy portfolio; and recommend policies that are necessary to entice investors.
