Global offshore wind developer Corio Generation is preparing to bring forward offshore wind projects for upcoming auctions in the Philippines, adding to its fast-growing pipeline across the Asia-Pacific region.
On a visit to the capital Manila, deputy chief executive Alejandro de Hoz last week met with Raphael ‘Popo’ Lotilla, Secretary of the Department of 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% of renewables in its energy generation mix by 2030 and 50% 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 3GW off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras under wind energy service contracts that provide site exclusivity.
This pipeline comprises 2GW of fixed-bottom and 1GW of floating wind projects.
De Hoz said: “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.
“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.”
Corio is a portfolio company of the Macquarie Group operating on a standalone basis.
Across Asia-Pacific, Corio is developing projects in markets including Australia, South Korea, Taiwan and Vietnam.