PH, Spanish, Swiss firms to pioneer PH offshore wind projects
By Myrna M. Velasco
Spanish energy giant Iberdrola has inked an agreement with local developer Triconti Windkraft Group and Swiss-based Stream Investment Holding for at least five offshore wind projects that could institutionalize them as pioneer developer of this energy resource for the Philippines.
In a statement to the media, Triconti said the deal will pave the way for Ibredrola’s entry into the Philippine electricity market as the Spanish firm has been given the opportunity to “co-develop a portfolio of offshore wind projects that aims to contribute 3.5-gigawatt (3,500 megawatts) of capacity to power the Philippines energy transition.”
The roadmap for offshore wind project developments in the country is still being crafted by the Department of Energy (DOE), in collaboration with the World Bank group, but Triconti is already trailblazing prospective installations on that renewable energy technology.
As emphasized, Triconti and Ibredrola “entered an agreement that covers five (5) offshore wind areas awarded to Triconti by the Philippine DOE,” and these project-prospects are in shallow waters off the coasts of Luzon and Visayas.
According to Theo C. Sunico, director of Triconti Windkraft, “this partnership with such an experienced global player as Ibredrola is a strong sign of confidence in the Philippine market and potential of its offshore sector.”
He added this new investment tie-up “ensures that 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.”
Thomas Spindler, commercial director of Stream Invest Holding, similarly noted “we strongly believe that offshore wind is important to help the Philippines achieve its long-term clean energy target,” and he sees their partnership with Ibredrola as a key milestone that will help concretize their blueprinted offshore wind ventures.
Triconti expounded that “Ibredrola’s entry into the Philippines is aligned with their long-term strategy to become a major player and partner in the Asia Pacific region.”
Essentially, the local RE firm indicated that its Spanish partner is at the process of “diversifying the geographical locations of its wind project pipelines,” hence, it has been entering developing markets “with strong potential for growth.”
As a global energy player, Ibredrola already counts 34,900 megawatts of renewable energy capacity under its operating portfolio; while also pursuing additional 81.5 gigawatts (81,500MW) of RE ventures, and that will include the Philippine prospects.
Trinconti Windkraft, for its part, has a targeted development portfolio of 4,000 megawatts – both for onshore and offshore wind farm projects.
The company has been awarded with its initial offshore wind service contracts in 2020; and since then, it became an enabling partner to the DOE when it comes to building up interest, knowledge as well as on the promotion of investment opportunities in offshore wind development to local and global investors.