The Philippines have taken significant strides towards building out their offshore wind sector in recent years, spurred by the country’s ambitious renewable energy targets and to respond to increasing electricity demands.
Aegir Insights has just released a new market report, covering the latest developments and opportunities in the Philippine offshore wind market:
- The Philippines has a total technical offshore wind potential of 207 GW, about half of it based on good wind speeds above 8 m/s. Floating wind makes up about 87% of the technical potential.
- The policy and regulatory framework for offshore wind has been rapidly developing in recent years, with the removal of restrictions on foreign ownership of renewable energy projects and a new policy framework for offshore wind announced this June. The Philippine government aims to reach a 35% share of renewables in their electricity mix by 2030 and 50% by 2040.
- More than 60 offshore wind projects have received an initial contract for site exclusivity. Sites are currently allocated through an open-door model and multiple international developers have entered the market during the last year.
The continued political commitment and current market developments provide a positive outlook for offshore wind in the Philippines. However, several concerns and issues persist. One of them being the density of government-licensed projects in certain areas, which raises questions about accurate spatial planning and project feasibility.
10th Asia Offshore Wind Day
Aegir Insights’ Senior Research Analyst and Regional Lead APAC Simon Engfred Schlichting will be presenting at the 10th Asia Offshore Wind Day in Busan, South Korea on 24th October 2023, a key event this fall to learn and network around offshore wind opportunities in the APAC region.
Are you planning to attend the event?
Reach out to Simon to discuss offshore wind growth opportunities in APAC or to learn more about the Philippine offshore wind market and our newest market report on the region.
Deep Dives into offshore wind in APAC
At Aegir Insights we are continuously updating our offshore wind market intelligence on the APAC region, with recently releasing market reports on the Philippines, South Korea and India for our subscribers. Reach out to us to learn more about Aegir Insights market intelligence offerings.