Spain-based BlueFloat to set up 7.6 GW of offshore wind farms in PH

Spanish wind energy developer BlueFloat Energy is planning to build offshore wind farms with a combined capacity of 7.6 gigawatts (GW) on four sites in the Philippines as it bets on the country's renewable energy potential.

In an interview with GMA News Online, BlueFloat Energy Philippines country manager Raymund Pascual said the company recently acquired wind energy service contracts from the Department of Energy (DOE) after 18 months of exploring the possibility of developing floating wind energy turbines in the country.

Pascual said the wind energy service contracts are for four sites from north Luzon to Mindoro Island.

"The four sites are in Northern Luzon, bordering Cagayan and Ilocos Norte. Then in Bataan, it traverses all the way to parts of Cavite and Manila Bay. Also in Batangas, and then southern Mindoro," he said.

The BlueFloat country manager said the company plans to begin construction in 2027.

"Kung matatapos in three years by 2030, iikot na ‘yung turbina,'' he said.

(If these are finished in three years, then the wind turbines will be operational by 2030.)

Between now and 2027, Pascual said the company will be working on environmental and social impact assessments, detailed engineering of the grid connection to its sites, wind measurements, and site characterization.

In April 2022, the World Bank and the DOE said the Philippines has the potential for the development of 21 GW of offshore wind power by 2040.

Asked how much BlueFloat will be investing for its offshore wind development in the Philippines, Pascual said that the "rule of thumb" is that each megawatt could cost $3 million to $5 million—multiply that with BlueFloat’s plan to install 7.6 GW, and the amount of investment needed could be between $22.8 billion and $38 billion.

He, however, said that while the industry evolves and more sites are being developed, the cost of investment "can get cheaper."

Pascual also said BlueFloat is open to partnering with Filipino businesses.

"We’re open to partnerships if there will be interested parties. It's part of the DNA of BlueFloat to go into partnerships. We have partners everywhere else," he said.

The Philippines has banned new coal-fired power investments as it aims to shift towards cleaner energy with a plan to increase the share of renewable energy in the power mix to 50% by 2040.

The country relies heavily on coal, with the highest contribution to the power generation mix at nearly 60%, while renewable energy contributes only over 20% to the energy mix. —VBL, GMA Integrated News