Aboitiz Power Corporation, in partnership with Climate Capital Management and RMI, to explore offshore wind energy potential in the Philippines with support from USTDA. Manila, Philippines — August 18th, 2022, Aboitiz Power Corporation, a key player in the Philippines energy industry, in partnership with Climate Capital Management and RMI, have launched a feasibility study to […]
Aboitiz Power Corporation, in partnership with Climate Capital Management and RMI, to explore offshore wind energy potential in the Philippines with support from USTDA.
Manila, Philippines — August 18th, 2022, Aboitiz Power Corporation, a key player in the Philippines energy industry, in partnership with Climate Capital Management and RMI, have launched a feasibility study to develop up to three gigawatts (3 GW) of offshore wind projects in the Philippines. This work is funded by the United States Trade and Development Agency (USTDA).
The feasibility study aims to advance the existing research on offshore wind power and will include an assessment of the wind resource and identification of competing development projects, among others. Currently, wind power makes up a small but growing proportion of the energy system in the Philippines.
U.S. Secretary of State Antony J. Blinken witnessed the grant signing between USTDA Director Enoh T. Ebong and Aboitiz Renewables First Vice President for Renewable Energy Philippine Development Lee Balangue.
“The United States stands committed to working with the Philippines to achieve a clean energy future together,” said Secretary Blinken. “The signing of the USTDA grant on offshore wind is an important step in that direction.
According to the Department of Energy (DOE), the Philippines has an onshore wind installed capacity of 443 megawatts as of 2020. There is significant potential to expand the generation of wind power, especially offshore where wind farms generate more power because of higher wind speeds. A 2021 study by the World Bank identified the country’s 3 gigawatts (GW) offshore wind potential by 2040, making up 3 percent of the country’s electricity supply. Analysis of the high growth scenario by the Bank shows the potential to install 21 GW making up 21 percent of the country’s electricity supply as well as support job creation and low-cost sustainable energy.
“It is our goal to contribute to our country’s energy transition journey by exploring more zero-emissions indigenous energy sources. This offshore wind feasibility study is a step in the right direction as we further diversify our extensive renewable energy portfolio to achieve our goal,” said Emmanuel V. Rubio, President and Chief Executive Officer of Aboitiz Power.
“Unlocking the offshore wind sector requires significant early-stage development funding,” said Mason Wallick, Managing Director and Chief Executive Officer of Climate Capital. “We are delighted to support this and believe offshore wind could prove a significant source of green energy for the Philippines.”
“RMI is proud to partner with Aboitiz Power Corporation, USTDA and Clime Capital Management on this exciting initiative. Through our engagement, RMI aims to unlock private sector investment in offshore wind and utility scale clean energy power projects in the Philippines and the broader Southeast Asia region,” said Justin Locke, RMI Global South Program Managing Director.
With a rapidly rising energy demand and goals to increase renewable energy shares in the Philippines’ energy mix, the study will provide useful guidance to the government’s roadmap to secure clean energy access for all, economic growth, and support decarbonization efforts in the country a reality. The feasibility study is expected to conclude by mid 2023.
© 2021 Rocky Mountain Institute. Published with permission. Originally posted on RMI Outlet.
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