WHY THE PHILIPPINES?
The Philippines has a total technical offshore wind potential of 207 GW, about half of it based on good wind speeds above 8 m/s. Floating wind makes up about 87% of the technical potential.
The policy and regulatory framework for offshore wind has been rapidly developing in recent years, with the removal of restrictions on foreign ownership of renewable energy projects and a new policy framework for offshore wind announced this June. The Philippine government aims to reach a 35% share of renewables in their electricity mix by 2030 and 50% by 2040.
More than 60 offshore wind projects have received an initial contract for site exclusivity. Sites are currently allocated through an open-door model and multiple international developers have entered the market during the last year.
Philippine Department of Environment and Natural Resources (DENR) has started working with the country’s Department of Energy (DOE) on updating the offshore wind and floating solar guidelines so they would become components of next year’s National Expenditure Program (NEP).