GLOBAL renewable energy leader Iberdrola will enter into the local power market after partnering with wind energy developer Triconti Windkraft Group for the first offshore wind project in the Philippines.
The partnership gives Iberdrola of Spain the opportunity to codevelop with local Triconti and its Swiss-based partner, Stream Investment Holding, a portfolio of offshore wind projects that aims to contribute 3.5 gigawatt (GW) of capacity to power the Philippines’ transition to clean energy.
The two parties have entered an agreement that covers five offshore wind areas awarded to Triconti by the Department of Energy. These project sites, located in shallow waters off the coast of areas in Luzon and the Visayas, are the first offshore wind service concessions awarded in the country.
“We strongly believe that offshore wind is important to help the Philippines achieve its long-term clean energy target,” said Thomas Spindler, Stream Invest Holding’s commercial director.
“We are extremely pleased to partner with the world’s leading renewable energy company to make this happen.” Triconti Windkraft Group is the largest independent wind developer in the country with a combined portfolio of 4 GW of onshore and offshore wind projects.
Since early 2020, it has worked with the Energy department and other industry players building up interest, knowledge and promoting opportunities in the Philippine offshore sector for both the local and international players.
“This partnership with such an experienced global player as Iberdrola is a strong sign of confidence in the Philippine market and potential of its offshore sector,” Theo Sunico, Triconti Windkraft director, said.
The deal also ensures that the emerging local offshore wind sector will be able to leverage on the expertise of the leading international offshore wind developer right from the beginning, Sunico added.