Offshore wind. Source: Natural Environment Research Council (NERC).
BlueFloat Energy, a Madrid-based offshore wind developer with a focus on floating technologies, plans to develop projects along the Philippine coasts.
The company on Friday announced its entry into the Philippines through the acquisition of the wind energy service contracts (WESCs) for four sites in the country. The sites are located in Central Luzon, South Luzon, Northern Luzon and Southern Mindoro.
BlueFloat said that the Philippines is well-placed to leverage the potential of offshore wind energy. According to the Philippine offshore wind roadmap released in April 2022 by the country’s Department of Energy and the World Bank Group, the Philippines has 178 GW of technical offshore wind potential.
The developer’s move into the Philippine market aligns with its strategy for the Asia Pacific region, where it is already developing projects in Australia, New Zealand and Taiwan.
Two months ago, Copenhagen Infrastructure Partners (CIP) became the first company to step on a 100% foreign-owned basis into the Philippine offshore wind market with the signing of offshore wind service contracts representing a total potential capacity of 2 GW.
According to the Department of Energy’s announcement then, the department had awarded 57 offshore wind service contracts totalling around 42 GW. The country aims to increase the share of renewables in its power generation to 35% by 2030 and 50% by 2040.