Global offshore wind energy developer, BlueFloat Energy, is eyeing to build as much as 7.6 gigawatts (GW) worth of projects in the Philippines.
The company has secured service contracts for four sites in the Philippines located in Central Luzon, South Luzon, Northern Luzon and Southern Mindoro.
BlueFloat Energy said investment cost per megawatt (MW) for offshore wind power plants ranges from $3 to $5 million depending on specific technology. Its first project in the country is seen completed not later than the “end of the decade.”
The company also said more infrastructure and regulatory improvements can help make the country an even more attractive destination for offshore wind investments.
Carlos Martin, BlueFloat Energy chief executive officer, told reporters that for offshore wind projects to be successful in the Philippines is to “start developing the industry with incremental steps using existing grid capacity and port infrastructure while planning for future developments.”
Martin said the stepping-stones approach can be employed by developing smaller pre-commercial scale projects as a prelude for large scale development by launching two to three pilot projects using at least one floating and one bottom-fixed technology of 200 to 300 MW each, with incentives, by 2023 to 2024 just kick-start the industry.
Martin said the need to plan and support port upgrades, adoption of a regulatory framework and development of a strategic grid extension planning to accommodate additional power capacity are key factors as well.
“We see and believe that our plan aligns well to enable the transformative agenda of the Philippine Development Plan 2023-2028 as it focuses on developing and protecting the capabilities of individuals and families, enables production sectors to generate more quality jobs and competitive products, and of course consequently, economic prosperity,” Raymund Pascual, BlueFloat Energy country manager in the Philippines, meanwhile said.
The Philippine offshore wind roadmap released by the Department of Energy (DOE) and the World Bank Group last year indicated the Philippines has the potential to generate 21 GW of offshore wind power by 2040.
Overall, the roadmap project the technical potential for offshore wind at 178 GW.
Thus far, the DOE awarded 65 offshore wind contracts with a total potential capacity of 51.2 GW.
