BlueFloat Energy invests in offshore wind expansion in PH
July 1, 2024
BlueFloat Energy, based in Madrid, is making a considerable investment in the Philippine offshore wind sector to enhance the country’s energy infrastructure.
In a report by the Philippine Star, the company entered the Philippine market last year, acquiring wind energy service contracts in four regions: Central Luzon, Southern Luzon, Northern Luzon, and Southern Mindoro.
BlueFloat Energy’s Asia Pacific senior development advisor Jarek Pole said the country has conditions fitting for offshore wind technology, paralleling the country’s renewable energy goals to decarbonize the economy.
Pole also said there is an urgent need for large-scale renewable energy generation to meet the increasing electricity demand, as the current capacities are insufficient.
To aid in the growing demand, the firm aims to develop 7.6 gigawatts (GW) of offshore wind capacity in the Philippines, making it its largest market.
The investment would range from USD 2.5 million to USD 4 million per megawatt (MW) for bottom-fixed wind farms, while for floating wind projects, it would reach up to USD 6 million per MW.
Additionally, the company recently completed a systems impact study with the National Grid Corporation of the Philippines and is conducting a bathymetry survey to assess water depth at the sites.
The construction of the project is anticipated to begin by 2028, with the first phase of projects expected to be operational by 2031 or 2032.
Permits and regulatory frameworks are being refined in collaboration with government agencies like the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR).
The DOE has identified 10 ports for pre-feasibility studies, but port developers need assurance of their economic viability.
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