Aboitiz Power Corporation, a key player in The Philippines energy industry, in partnership with Climate Capital Management and RMI)
identified the country’s 3 gigawatts offshore wind potential by 2040, making up 3 percent of the country’s electricity supply. Analysis of the high growth scenario by the Bank shows the potential to install 21 GW making up 21 percent of the country’s electricity supply as well as support job creation and low-cost sustainable energy.
“It is our goal to contribute to our country’s energy transition journey by exploring more zero-emissions indigenous energy sources. This offshore wind feasibility study is a step in the right direction as we further diversify our extensive renewable energy portfolio to achieve our goal,” said Emmanuel V. Rubio, President and Chief Executive Officer of Aboitiz Power.
“Unlocking the offshore wind sector requires significant early-stage development funding,” said Mason Wallick, Managing Director and Chief Executive Officer of Climate Capital. “We are delighted to support this and believe offshore wind could prove a significant source of green energy for the Philippines.”
“RMI is proud to partner with Aboitiz Power Corporation, USTDA and Clime Capital Management on this exciting initiative. Through our engagement, RMI aims to unlock private sector investment in offshore wind and utility scale clean energy power projects in the Philippines and the broader Southeast Asia region,” said Justin Locke, RMI Global South Program Managing Director.
With a rapidly rising energy demand and goals to increase renewable energy shares in the Philippines’ energy mix, the study will provide useful guidance to the government’s roadmap to secure clean energy access for all, economic growth, and support decarbonization efforts in the country a reality. The feasibility study is expected to conclude by mid 2023.
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