Iberdrola enters Philippines market

MANILA, Philippines — Spanish clean energy developer Iberdrola has entered the Philippine market through a partnership with Triconti Windkraft Group to develop a massive 3.5-gigawatt (GW) pipeline of offshore wind projects to power the country’s energy transition.

Iberdrola signed an agreement with Stream Invest Holding AG, a Swiss renewable energy group, and Triconti ECC Renewables, the Philippines’ largest independent wind developer, allowing the company to secure an option to enter five offshore wind projects at very early stages of development.

The projects have wind energy service contracts awarded to Triconti by the Department of Energy (DOE).

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.

Iberdrola said the new alliance opens the opportunity for the company to enter a new offshore wind market in Asia, which has strong growth potential over the coming decades.

“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,” it said.

Moreover, the agreement also signals Iberdrola’s willingness to invest and unlock the massive renewable energy potential of the Philippines and help the country deliver its National Renewable Energy Program (NREP) for 2020-2040.

Under NREP 2020-2040, the Phililpines has set a target of 35 percent share of renewable energy in the power generation mix by 2030 and 50 percent share by 2040.

“We strongly believe that offshore wind is important to help the Philippines achieve its long-term clean energy target and we are extremely pleased to partner with the world’s leading renewable energy company to make this happen,” Stream Invest Holding commercial director Thomas Spindler said.

Triconti Windkraft Group is the largest independent wind developer in the country with a combined portfolio of four GW of onshore and offshore wind projects.

Since early 2020, it has worked with the DOE and other industry players in building up interest, knowledge as well as 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,” Triconti Windkraft director Theo Sunico said.

“It 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,” he said.

Iberdrola operates 34.9-GW of renewables globally and now adds the Philippine market to its pipeline of over 81.5 GW of renewable projects under development.