The Department of Energy (DOE) is eyeing capital flow of roughly $30 billion for the targeted 40,000 megawatts of offshore wind farm projects to be installed in the country until mid-century.

According to Senior Energy Undersecretary Felix William Fuentebella, the prospective scale of offshore wind ventures “would bring our country significant benefits, adding $30 billion in cumulative benefit to the economy.”

The energy official indicated that as of February this year, the DOE has already awarded wind energy service contracts for potential project developments that would yield 14,000 megawatts of aggregate capacity.

“We are pleased to have received numerous interests and applications in offshore wind from the private sector,” Fuentebella stressed.

If the targeted projects will come to fruition, he emphasized that the installed offshore wind capacity could account for 45 percent of the country’s electricity supply by 2050.

“This could help offset fossil fuel generation by 40 percent by 2040, helping our country to accelerate decarbonization and achieve greater energy security and independence,” Fuentebella noted.

In the energy department’s estimate, the targeted investments in the offshore wind segment of the power sector could also generate 205,000 in full-time employment until 2040, which the energy official asserted would be “bringing sustainable and meaningful employment to thousands in the Philippines.”

The DOE and the World Bank Group are in the process of updating the wind roadmap for the country, so this can serve as a guide to investors eyeing to inject capital in the sector.

The Philippines has yet to concretize its first offshore wind power installation, but the appetite of investors is already whetted to enter this segment of the restructured electric power industry.

“We believe that offshore wind can play a very important role in helping the Philippines achieve these parallel goals, and provide overall socioeconomic benefits to our local economy,” Fuentebella added.

He stated that while the DOE leads the country’s energy transition, it is doing so “without compromising the country’s ability to attain energy security.”

The DOE official reiterated “to pave the way for the realization of the energy transition, we crafted policies and programs to level the playing field and entice the entry of more energy investments into the country.”