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AboitizPower, Clime Capital Management and RMI investigate the Philippines' offshore wind potential

By: Tom Russell 10/08/2022 Clime Capital Management

General Windfarms

Philippines-based Aboitiz Power Corporation (AboitizPower) has partnered with Clime Capital Management and Rocky Mountain Institute (RMI), with the support of the United States Trade and Development Agency (USTDA), to explore offshore wind energy potential in the country.

The company and its partners are launching a feasibility study on the development of up to 3,000 MW of offshore wind capacity.

Currently, wind power makes up a small but growing proportion of the energy system in the Philippines. According to the Department of Energy (DOE), the country has onshore wind installed capacity of 443 MW as of 2020.

In addition, a 2021 study by the World Bank and BVG Associates, in coordination with DOE, identified opportunities for wind power development in the Philippines. A low growth scenario projects the potential of 3,000 MW by 2040 and 6,000 MW by 2050. In the Philippine Energy Plan, DOE projects total wind power generation capacity to reach 12,000 MW by 2040.

The feasibility study by AboitizPower, Clime Capital, and RMI aims to complement the existing research, adding to it an assessment of the wind resource and identification of competing development projects, among others.

AboitizPower will be the project lead for the consortium in the pre-feasibility assessment and wind data collection phase. The goal is to unlock the offshore wind market, marshal resources to prepare the supply chain in case offshore wind proceeds with the development stage, and capture necessary data.

U.S. Secretary of State Antony J. Blinken said: “The United States stands committed to working with the Philippines to achieve a clean energy future together. The signing of the USTDA grant on offshore wind is an important step in that direction.”

“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.” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.

“Unlocking the offshore wind sector requires significant early-stage development funding. We are delighted to support this and believe offshore wind could prove a significant source of green energy for the Philippines,” Clime Capital Managing Director and Chief Executive Officer Mason Wallick said.

The project, which is partially funded by the USTDA, will commence on August 11 and is expected to conclude by mid 2023.

"In partnership with USTDA, 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,"Justin Locke, RMI Global South Program Managing Director.

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AboitizPower, Clime Capital Management and RMI investigate the Philippines' offshore wind potential

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