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    Marcos eyes EO to lure offshore wind investments: DOE chief


    November 18, 2022 - Philippines News Agency

     

      Department of Energy (DOE) Secretary Raphael Lotilla said President Ferdinand R. Marcos Jr. aims to issue an executive order (EO) to facilitate more offshore wind investments in the country.

      In a media briefing Thursday, Lotilla said the EO will complement the newly amended implementing rules and regulations (IRR) of the Renewable Energy Act, which lifts the equity limit for foreign investors in the renewable energy sector.

      Lotilla said the DOE is also reviewing the existing policies, framework and guidelines governing the administration of wind energy service contracts, including the technical, financial, operational and administrative risks and challenges of offshore wind development.

      'A robust offshore wind requires a long-term vision, support infrastructure development, investments and sound policies. Therefore, it is deemed critical to have a (well) thought-out regulatory framework to enable successful growth of this newer technology,' he said.

      However, the DOE chief said obligations under the existing service contracts shall remain.

      To date, the agency has awarded 42 offshore wind service contracts with a projected installed capacity of 31.5 gigawatts.

      These offshore wind projects are being eyed in areas of Verde Island Passage, the northern part of Luzon, as well as the northern and southern parts of Mindoro.

      DOE Undersecretary Alessandro Sales said in general, a 1-megawatt floating wind turbine project costs around USD5 million.

      He said offshore wind projects usually take six to nine years to be completed.

      According to the DOE, the largest offshore wind project so far is the Ilocos Buhawind Energy Philippines, with an indicated installed capacity of 1.65 GW to 2.2 GW.

      The project is a joint venture of Copenhagen Energy and PetroGreen Energy Corp

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