Corio targets Philippines as next major Asia-Pacific market

On a visit to the capital Manila, Deputy CEO Alejandro de Hoz last week met with Raphael ‘Popo’ Lotilla, Secretary of the Department of Energy and applauded the government on its ambitious agenda to expand electricity generation from renewable energy.

The visit took place as the Government of the Philippines, seen as a major potential offshore wind growth market, is looking to reach a target of 35 per cent of renewables in its energy generation mix by 2030 and 50 per cent by 2040.

During the bilateral meeting, Corio received a warm welcome to participate in the country’s upcoming Green Energy Auction in 2024.

Corio is aiming to develop up to five projects totalling 3 gigawatts (GW) off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras under wind energy service contracts that provide site exclusivity. This pipeline comprises 2 GW of fixed-bottom and 1 GW of floating wind projects.

“We congratulate the Government of the Philippines for its commitment to the green energy transition. This is a country with abundant natural resources and many suitable sites for offshore wind power,” Mr de Hoz commented.

“Our team has been exploring multiple opportunities in the country and is optimistic about participating in future auctions. Corio is one of the world’s leading specialist offshore wind developers, with proven financial and technical expertise in pioneering fixed bottom and floating wind farms.

“We are looking forward to bringing this experience to the Philippines to support its sustainable energy agenda and the needs of local communities, while supporting the economy and creating green jobs,” he continued.

Corio is a portfolio company of the Macquarie Group operating on a standalone basis. The specialist offshore wind developer was recently named Offshore Developer of the Year in the 2023 Wind Investment Awards and has one of the world’s largest offshore wind project pipelines with more than 30 GW in development across Europe, Asia-Pacific and the Americas.

The company’s project portfolio spans established and emerging markets, as well as floating and fixed-foundation technologies. Across Asia-Pacific, Corio is developing projects in markets including Australia, South Korea, Taiwan and Vietnam. The team has been exploring opportunities in the Philippines since prior to Corio’s launch as a new brand in offshore wind in April 2022.