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Manila Bulletin devider Business devider Yuchengco firm seeks partner for wind projects

Yuchengco firm seeks partner for wind projects

Published Feb 24, 2022 01:20 pm

PetroGreen Energy Corporation, the energy investment arm of the Yuchengco Group, will be tapping a partner for its targeted 4,000 megawatts of offshore wind power projects in Luzon and Visayas grids.

According to Francisco G. Delfin Jr., vice president of PetroEnergy Resources Corporation (PERC), the engagement of a partner has been part of the company’s plan because “these are large-scale, very expensive projects.”

And since offshore wind power development is still at its infancy stage in the country, the ideal partners being explored by domestic companies are their more experienced counterparts in more mature markets which have deeper pockets.

The pipeline of offshore wind power projects of the Yuchengco-led firm that has already been awarded with service contracts by the Department of Energy (DOE) include a 2,000MW targeted installation in Ilocos Norte; 1,000MW project in Occidental Mindoro; and a prospective 500-1,000MW venture in Iloilo and Guimaras.

Delfin, nevertheless, stated “this is a long-term process,” as he emphasized that the rules are still being put in place by the energy department, with support from the World Bank Group.

He explained the typical gestation period for offshore wind farm projects would require five years of feasibility study before the investor could move forward into actual construction and commercial development.

“In general for offshore wind, private companies have about five years of pre-feasibility stage to undertake all the necessary technical and commercial studies before deciding whether to go on full scale construction and development,” the PERC executive stressed.

Within that five-year timeframe, Delfin noted that the company could also have window of opportunity to explore on innovative technology deployment as well as on probabilities of capital cost deployment going down in the next few years.

“We have that 5-year window for (the) project...it’s also necessary to wait for advances in technology for offshore wind that will make the total cost of offshore wind much more competitive in the Philippines,” Delfin said.

Presently, he conveyed that the capital spend for offshore wind installation per megawatt is at US$3.0 million to US$4.0 million in various markets -- including those in Europe, United States as well as Asian markets.

In the Philippines, he emphasized that there is no cost comparison that can be used as a reference yet because this technology is still being trailblazed by ingenious project sponsors in the renewable energy investment terrain.

“So we have that window in which the rules are to be second place; the pre-feasibility period as well as the time for technology improvement to make the capital cost of offshore wind turbines much more competitive in our country,” he indicated.

Related Tags

#PERC #YUCHENGCO #OFFSHOREWIND #RE #DOE #WORLDBANK
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