06/05/2023

BlueFloat Energy Advancing Offshore Wind Energy in the Philippines

In the context of the current global energy crisis and net-zero targets to fight climate change, scientists, policy makers and industry are working together to explore potential solutions that no longer rely on the earth’s fast-depleting and polluting fossil fuel energy sources while ensuring energy independence to the countries. Offshore wind has emerged as one of the game changers in this global energy transition, providing scaled solutions to the governments looking to shift towards renewable energy sources while achieving energy security.

The Philippine offshore wind roadmap released in April 2022 by the Department of Energy and the World Bank Group, estimated that the Philippines has the potential to install 21GW of offshore wind power by 2040. BlueFloat Energy has been working more than 18 months on unlocking this offshore wind potential by exploring the development of floating wind. An agile and fast-growing offshore wind developer with a focus on floating wind technologies, BlueFloat Energy has announced today its market entry in the Philippines through the acquisition of the Wind Energy Service Contracts (WESCs) for four sites in the Philippines – Central Luzon, South Luzon, Northern Luzon, and Southern Mindoro.

Carlos Martin, CEO of BlueFloat Energy, said during his visit to the country announcing the company´s market entry into the Philippines: “We are thrilled to bring BlueFloat Energy’s expertise and experience in offshore wind energy to the Philippines. We believe 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.”

Offshore wind opportunity

The Philippines, known for its abundant natural resources and favorable coastal conditions, is well-positioned to harness the power of offshore wind. The country’s total technical potential for offshore wind is estimated at 178 GW in the World Bank’s offshore wind roadmap for the Philippines. Large areas around the country’s coast have technically extractable wind resources.

BlueFloat Energy plans to leverage its floating wind expertise and global experience to develop projects along the Philippine coasts.

Raymund Pascual, Country Manager of BlueFloat Energy in the Philippines, said: “We see and believe that our plan aligns well to enable the Transformative Agenda of the Philippine Development Plan 2023-2028 as it focuses on developing and protecting the capabilities of individuals and families, enables production sectors to generate more quality jobs and competitive products, and of course consequently, economic prosperity.”

BlueFloat Energy will work closely with the local communities, government entities, and other stakeholders to ensure that its projects comply with environmental regulations, respect local cultures, and provide long-term benefits for the communities in which it operates.

BlueFloat Energy’s entry into the Philippine market fits well within the company’s strategy for the Asia Pacific region, with project developments already underway in Australia (first feasibility license application submitted for Greater Gippsland area in April this year), New Zealand and Taiwan. BlueFloat Energy now looks forward to supporting the Philippine government in the deployment of the cutting-edge floating wind technology and paving the way for the energy transition.