Corio’s Offshore Wind Projects in Philippines Move Forward

July 26, 2024, by Adnan Memija

Corio Generation’s offshore wind projects in the Philippines have received green lane certification from the Philippine Board of Investments, which is expected to simplify the permitting process for the company’s upcoming projects.

The UK-headquartered company explained in a social media post that the certification will benefit from expedited processing of permits and licenses, primarily for its offshore wind projects located off the coasts of Cavite and Guimaras.

In March 2024, Corio deployed Light Detection and Ranging (LiDAR) systems near the two offshore wind project locations.

“We greatly appreciate the government’s support for renewable energy, particularly offshore wind. These green lane certifications are crucial for our project development and efforts in helping the country reach its decarbonisation targets,” said Alma Roxas-Aguila, Corio’s Development Director for the Philippines.

According to the company, Corio, a portfolio company of the Macquarie Group, has been exploring opportunities in the Philippines since before its launch as a new brand in offshore wind in April 2022.

The firm aims to develop up to five offshore wind projects totalling 3 GW in the Philippines off the coast of Cavite, Batangas-Mindoro, IIoilo, and Guimaras under wind energy service contracts that provide site exclusivity.

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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.

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 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.

The country aims to achieve 35 per cent renewable energy in its generation mix by 2030.