Corio Generation wants to install up to 3 GW of offshore wind in the Philippines and is preparing to bring forward offshore wind projects for upcoming auctions in the country, the company said on 19 July.
The developer aims to develop up to five projects under the Philippines’ wind energy service contracts that provide site exclusivity. The projects, including both fixed-bottom and floating wind farms, are planned to be located off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras.
Of the total of 3 GW of the proposed offshore wind projects, 2 GW would be installed using fixed-bottom foundations and 1 GW would use floating wind technology.
According to the company, Corio, a portfolio company of the Macquarie Group, has been exploring opportunities in the Philippines since prior to its launch as a new brand in offshore wind in April 2022 .
The company, which has more than 20 GW of offshore wind projects planned, revealed the plans in the Philippines after its Deputy CEO Alejandro de Hoz met with the Philippines’ Secretary of the Department of Energy, Raphael ‘Popo’ Lotilla, last week.
The visit took place as the Government of the Philippines, seen as a major potential offshore wind growth market, is looking to reach a target of 35 per cent of renewables in its energy generation mix by 2030 and 50 per cent by 2040, Corio stated.
The company also said that, during the meeting, it had received “a warm welcome to participate in the country’s upcoming Green Energy Auction in 2024”.
“This is a country with abundant natural resources and many suitable sites for offshore wind power”, Corio’s Deputy CEO Alejandro de Hoz said. “Our team has been exploring multiple opportunities in the country and is optimistic about participating in future auctions”.
In April last year, the World Bank and the Philippines’ Department of Energy (DOE) launched The Philippines Offshore Wind Roadmap , according to which the country has the potential to install as much as 21 GW of offshore wind capacity by 2040 with the right governmental and policy support.
A year later, this April, the Philippines’ Department of Energy, said that it had allocated as many as 63 OSW SCs with a total potential capacity of 49.9 GW by that time.
The same month, the Philippines’ President, Ferdinand R. Marcos Jr., issued Executive Order No. 21 directing the country’s Department of Energy to put together a policy and administrative framework for offshore wind development and to commence work related to grid development.