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.
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.