Local independent wind power developer Triconti Windkraft Group has recently partnered with European firms for the development of its five offshore wind projects throughout the country, with an aggregate capacity of 3.5 gigawatts.
Triconti, a company under Fil-Swiss-German Windkraft Group, inked a deal with Spanish multinational firm Iberdrola S.A., the world’s largest renewable energy firm.
The offshore wind projects include Aparri Bay in Cagayan, Frontera Bay in Cavite, San Miguel Bay in Camarines Norte and Camarines Sur, and two others to be developed in the Guimaras Strait between Negros and Panay. These projects have already been endorsed by the Department of Energy (DOE) to the National Grid Corporation of the Philippines for system impact studies.
Triconti Windkraft director Theo Sunico said in a BusinessWorld report that the firm is looking to have the first projects operational by 2026 as long as “the proper market and regulatory conditions are in place.” He further said that the projects would cost around $8.75 billion, adding that the offshore wind farms would be built via fixed foundation installations that are less than 50 meters deep, much like wind farms in other countries.
“This partnership with such an experienced global player as Iberdrola is a strong sign of confidence in the Philippine market and potential of its offshore sector. It also ensures that the emerging local offshore wind sector will be able to leverage on the expertise of the leading international offshore wind developer right from the beginning,” Sunico said in a separate statement.
“All projects have secured a Wind Energy Service Contract from the [DOE] and would be jointly developed by the companies. This alliance opens the opportunity for Iberdrola to enter a new offshore wind market in Asia which has strong growth potential over the coming decades,” Iberdrola said in its own release.
Triconti has also tapped Stream Invest Holding AG, a Swiss investment firm focused on renewables, to help fund the projects.
“We strongly believe that offshore wind is important to help the Philippines achieve its long-term clean energy target,” said Stream Invest commercial director Thomas Spindler, adding that is extremely pleased to be involved in the partnership.