Energy Secretary Raphael P.M. Lotilla expressed his satisfaction with the heightened enthusiasm exhibited by both local and international investors for unlocking the renewable energy (RE) potential of the country.
Spanish firm BlueFloat Energy has recently revealed its plans to enter the Philippine market by acquiring Wind Energy Service Contracts (WESCs) in sites to be situated in Bataan, Batangas, Cagayan, Ilocos Norte, and Southern Mindoro.
In the second round of the Green Energy Auction Program, the Department of Energy (DoE) received an overwhelming response, with 118 pre-qualified companies ready to invest capital for the purpose of adding 11,600 megawatts of RE capacities to the country’s energy mix between 2024 and 2026.
“We are pleased with the positive response from local and foreign investors eyeing our RE potential. We are working on policies that would minimize roadblocks, especially for offshore wind (OSW) installations,” Lotilla said.
Additionally, he stated that the DOE will collaborate with government agencies, local government units, and concessionaires to streamline the permitting and leasing processes following the directives of President Ferdinand Marcos Jr. under Executive Order (EO) No. 21
Secretary Lotilla emphasized that foreign investments in offshore wind (OSW) would introduce cutting-edge technology.
BlueFloat Energy intends to utilize its expertise in floating wind and experiences to develop projects, collaborating with local partners in the process. Crucially, the Spanish firm will collaborate with coastal communities to enhance local livelihood opportunities and promote environmental conservation efforts.
The government’s recent announcement through the Board of Investments (BOI) highlighted that renewable energy projects have taken priority, accounting for around 80 percent of approved investments this year.
