Offshore wind globetrotter Iberdrola eyes Philippines gigawatts as Asian ambition grows

Iberdrola added to its growing offshore wind ambitions in Asia with a deal that could see it join up to 3.5GW of Philippines projects.

The Spain-based green power giant has taken an option to enter five projects under development by Swiss group Stream Invest and local player Triconti ECC Renewables.

The early-stage projects have all secured a wind energy service contract – a key permit to begin development activities from the Philippines Department of Energy, said Iberdrola.

The Philippines is one of a group of emerging markets tipped to be among the next wave of offshore wind opportunities. A World Bank report in 2020 put the nation’s fixed-bottom technical potential at 18GW, with another 160GW for floating wind in the deep waters off its islands.

The Philippines government last year announced the start of work on an offshore wind roadmap with the World Bank to chart a policy course for development of the sector. The nation wants to hit a 35% share of renewables in the power mix by 2030 and 50% by 2040.

The Philippines option is the latest by Iberdrola as it adds to a growing roll-call of offshore wind markets around the world, one that already includes Taiwan, South Korean and Japan elsewhere in Asia alone.

“Iberdrola’s entry into the Philippine market is aligned with the group’s diversification strategy aimed at becoming a global leader in offshore wind while consolidating its position as the world’s largest renewable energy company,” said the Spanish group.