Gov’t issues 92 offshore wind contracts amid strong interest from local, foreign firms

The Department of Energy said it issued 92 offshore wind service contracts with potential capacity of 65.049 gigawatts as of March 25, 2024, reflecting the strong interest from local and foreign renewable energy developers.

The Global Wind Energy Council said in its latest report that the Philippines has been exploring OSW since 2020, but progress has been slow.It said despite strong potential, several challenges existed such as regulation hurdles, seabed lease acquisition, grid connection, ports and supply chains. GWEC said that as a new sector in the Philippines, OSW would require stable revenue outlook to attract investment.

Source: Loan Digest (loandigest.net)

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