BlueFloat Energy, a Spanish offshore wind project developer, will construct a portfolio of 7.6 GW offshore wind projects in the Philippines. The portfolio will be spread throughout four locations: Central Luzon, South Luzon, Northern Luzon, and Southern Mindoro. Each of the sites, with a capacity ranging from 1.5 GW to 3.5 GW, has contracts with the corporation for wind energy service.

In April 2023, a road map for the growth of offshore wind in the Philippines was published by the Department of Energy of the Philippines and the World Bank Group. This highlighted the potential to install 21 GW of offshore wind power by 2040, while the total technical potential for offshore wind stands at 178 GW.

To capitalise on this potential, the company has been exploring the development of floating wind. It intends to use its knowledge of the floating wind industry and its international experience to develop projects along the country’s coasts. To comply with environmental regulations, the company will engage closely with governmental bodies, regional communities, and other stakeholders. The company’s plan for the Asia-Pacific area includes entering the Philippine market.

In April 2023, Greenvolt teamed up with Bluefloat Energy to construct offshore wind projects off the coast of Portugal. The agreement would combine the local development and permission expertise of Greenvolt with the technical expertise of Bluefloat Energy in offshore floating wind.

REGlobal’s Views: With this announcement, the company has forayed into the attractive offshore wind market of Philippines. BlueFloat Energy is already developing projects in Taiwan, Australia and New Zealand, and this massive offshore wind announcement will help the company to expand its Asia-Pacific reach.