Spain-based Iberdrola SA has secured an option to enter five offshore wind projects with up to 3.5 GW of potential capacity in the Philippines.                                                                                         Â
The company announced the signing of an agreement with Switzerland-based Stream Invest Holding AG and Philippines-based Triconti ECC Renewables. All of the projects are in the early phases of construction, and the Department of Energy (DoE) has awarded the companies a wind energy service contract. The contract gives the developers long-term rights to utilise the property for renewable energy (RE) project development, construction, and operation for a 25-year period. The contracts include a five-year pre-development period and a development and commercial stage for the remaining, which can be extended. This move is in line with the Government of Philippine’s target of reaching a 35 per cent share of RE in the country’s total power generation mix by 2030 and a 50 per cent share by 2040.