Madrid-based Bluefloat Energy announced plans for massive 7.6-gigawatt (7,600 megawatts) offshore wind power projects in the Philippines, the largest in its portfolio, with a goal of commercial operation by the turn of the decade. | ManilaBulletin
At a glance
In a briefing with the media, Bluefloat Energy Chief Executive Officer Carlos Martin emphasized that the offshore wind project buildup in the Philippines will be the biggest in its portfolio. Martin said the Philippine projects would even be more expansive than the company's existing core markets, such as those in Australia, Italy, Scotland, Colombia, Wales and England, New Zealand, Spain and Taiwan, among others.
Martin qualified “the general rule is that, for every 1.0MW of offshore wind, it requires investment of $3 million, $4 million to $5 million…but that is just a fraction of the investment, there will be additional investment in the supply chain. We need to train a lot of people – engineers, technicians and highly qualified field workers, so the total investment in all of these can be two to three times the value of the project.
Nevertheless, since the investment will be implemented on a multi-year basis, the Spanish firm executive indicated that with efficiency in project development as well as technology innovation, the final development cost can go down in the years ahead and the levelized cost of energy drawn from offshore wind would eventually end up more affordable for the Filipino consumers.
“We are thrilled to bring Bluefloat Energy’s expertise and experience in offshore wind energy to the Philippines,” he stressed, emphasizing that “by tapping into the country’s vast clean energy potential, we can make a significant contribution towards reducing carbon emissions and fostering a sustainable future for generations to come.”
Top of these concerns include developing a strategic grid extension planning to accommodate new capacity, especially the gigawatt-scale installations for offshore wind; to plan and support port upgrades and the need to firm up a regulatory framework that will make OSW ventures financeable – and such may warrant feed-in-tariff for ‘pathfinder’ or pilot projects both for fixed bottom and floating offshore wind developments with a starting point of 200 to 300MW capacity.
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