Triconti Windkraft Group, a joint venture between Filipino and German-Swiss renewable energy professionals, urged the Philippines to lift the 40 percent ownership limit for renewable energy projects to attract more investors in offshore wind projects (OSW).
“All existing legislation and guidelines are still directed towards onshore wind development, and these need to be adapted if not developed from scratch for offshore. Key among these would be addressing the barriers for more than 40 percent foreign ownership in RE projects,” Triconti director Theo Sunico said during a webinar.
Triconti and partner, Spanish electric ulity firm Iberdrola S.A. plan to develop 3.5 gigawatts of OSW projects.
“We certainly intend to have the first generation of OSW wind farms in the Philippines,” he said.
Sunico said developing OSW is both capital and time-intensive . Investors need assurance that they will have government support, access to the capital markets, and the time to build these mega projects.
OSW averages between five to seven years of pre-development and construction timelines of between two to three years compared to onshore wind, which takes about four to five years, Sunico said.
He said an onshore project could be developed for around two to three million dollars, not including construction, but OSW is estimated to cost as much as $3 billion to complete a 1 GW project.
Sunico said the Department of Energy has already begun collaborations with WB and industry consultants such as the World Bank and the Global Wind Energy Council on how OSW can be a foundation for the energy transitions.
He said the Philippine Offshore Wind Roadmap provides a comprehensive framework for developing OSW. Still, it remains to be seen how the recommendations in the roadmap will be implemented, especially pending the entry of a new administration.
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