BlueFloat Energy invests in offshore wind expansion in the Philippines

Madrid-based BlueFloat Energy is making significant investments in the Philippines’ offshore wind sector to improve the country’s energy infrastructure.

According to a report by the Philippine Star, the company entered the Philippine market last year by winning wind energy contracts in four regions: Central Luzon, Southern Luzon, Northern Luzon and Southern Mindoro.

Jarek Pole, senior advisor for Asia-Pacific development at BlueFloat Energy, said the country has the right conditions for offshore wind technology, which is consistent with the country’s renewable energy goals to decarbonize the economy.

The Pole also said there is an urgent need to generate renewable energy on a large scale to meet the growing demand for electricity as current capacities are insufficient.

To meet growing demand, the company aims to develop 7.6 gigawatts (GW) of offshore wind capacity in the Philippines, making it its largest market.

The investment cost would be between US$2.5 million and US$4 million per megawatt (MW) for fixed-bottom wind farms, while for floating projects it would be up to US$6 million per MW.

Additionally, the company recently completed a systems impact study with the Philippine National Power Grid Corporation and is conducting bathymetric surveys to assess water depths at these locations.

The project is scheduled to begin in 2028, and the first phase of the project is expected to be commissioned in 2031 or 2032.

Permitting and regulatory frameworks are being improved in collaboration with government agencies such as the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR).

The Department of Energy has identified 10 ports that should undergo feasibility studies, but investors must be sure of their economic viability.