Corio Generation, a portfolio company of Macquarie Green Investment Group, has announced plans to develop 3 GW of offshore wind capacity in the Philippines. The company aims to develop up to five projects under the Philippines’ wind energy service contracts. The projects include both fixed-bottom (2 GW) and floating wind parks (1 GW) and are planned to be located off the coasts of Cavite, Batangas-Mindoro (northern Philippines), IIoilo and Guimaras (central Philippines).
The Philippines’ offshore wind roadmap, released in April 2022, estimates that the Philippines has the potential to install 21 GW of offshore wind power by 2040. The country’s total technical potential for offshore wind is estimated at 178 GW.
The Philippines aims to bring the share or renewables in the power generation mix to 35% by 2030 and 50% by 2040. Renewables represent 22% of the Philippine’s mix (2021), of which 10% from geothermal, 9% from hydro, and 1% each from wind, solar and biomass. The country does not yet possess any offshore wind capacity (443 MW of onshore capacity in 2021).
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