Iberdrola Makes Offshore Wind Power Play in the Philippines
Iberdrola has signed an agreement with Triconti ECC Renewables, the Philippines’ largest independent wind developer, and Stream Invest Holding AG, a Swiss renewable energy group, sealing an option to enter five offshore wind projects with a combined capacity of up to 3.5 GW.
All projects have secured a Wind Energy Service Contract from the Philippines Department of Energy and would be jointly developed by the companies.
This alliance opens the opportunity for Iberdrola to enter a new offshore wind market in Asia which has strong growth potential over the coming decades, the Spanish energy company said.
The Philippines has set a target of 35 per cent share of renewable energy in the power generation mix by 2030 and 50 per cent share by 2040.
With a BBB+ rating (S&P Global), an expected GDP growth above 6 per cent and electricity demand set to expand at approximately 6 per cent annually between now and 2040, Iberdrola believes the Philippines is one of the most dynamic economies in the Asia Pacific region and is well positioned to support the country’s planned transformation towards a clean energy future.
Iberdrola has operational offshore wind assets, pipeline, and other early-stage developments of approximately 35 GW in the UK, US, Germany, France, Poland, Sweden, Norway, Taiwan, Japan, Korea, and Brazil.