GLOBAL offshore wind developer BlueFloat Energy said accelerating the development of the vast wind energy resources in the Philippines will help hasten the country’s energy security ambition.
“We are thrilled to bring BlueFloat Energy’s expertise and experience in offshore wind energy to the Philippines. We believe that by tapping into the country’s vast clean energy potential, we can make a significant contribution towards reducing carbon emissions and fostering a sustainable future for generations to come,” Carlos Martin, chief executive officer of BlueFloat Energy, said in a media briefing on Friday.
Headquartered in Spain, the company said that it had secured four wind energy service contracts in four sites in the Philippines, namely: Central Luzon, Northern Luzon, Southern Luzon, and Southern Mindoro.
The four service contracts have a combined potential capacity of 7.6 gigawatts (GW) or 7,600 megawatts (MW), with each project having an estimated capacity of about 1.5 GW to 3.5 GW.
Mr. Martin said the projects require an estimated investment cost of between $3 million and $5 million per MW at current prices.
Pierre-Antoine Tetard, vice-president for business development of BlueFloat Energy, said the projects will not be developed simultaneously but the estimated timeline for the execution phase and operations of at least one of four projects will be by the end of the decade.
Meanwhile, Mr. Martin said that while they acknowledge the country’s wind energy potential, the development of the grid is also needed to integrate additional renewable energy capacity.
“It is never easy [to address grid integration]. First of all, offshore wind is probably easier to integrate. Production is more stable and predictable, you can produce more power,” Mr. Martin said.
In May, the Department of Energy issued implementing guidelines for Executive Order 21, which will adopt a whole-of-government approach to expedite the processing of permits and requirements for offshore wind energy projects.
Last month, the department said it had awarded 65 offshore wind contracts with a combined potential capacity of 51.23 GW, which it deemed enough to supply the country’s future energy demand.
Under the Philippine Offshore Wind Roadmap, the Philippines has an estimated potential capacity of 178 GW from offshore wind resources. This is expected to help the country reach its aim of increasing the share of renewables to 35% to the country’s energy mix by 2030 and 50% by 2040. — Ashley Erika O. Jose
