Reading Time: 1 minutes
Iberdrola signs agreement with Triconti ECC Renewables, the Philippines’ largest independent wind developer, sealing an option to enter five offshore wind projects with up to 3.5 GW capacity.
Iberdrola continues its expansion in the Asia-Pacific region. It has signed an agreement with Stream Invest Holding AG, a Swiss renewable energy group, and Triconti ECC Renewables, the Philippines’ largest independent wind developer, securing an option to enter five offshore wind projects at very early stages of development.
All projects have secured a wind energy service contract from the Philippines Department of Energy and would be jointly developed by the companies.
Iberdrola would become a major, long-term renewable energy investor in the Asian country, contributing to local economic development, skills and job creation while helping the Philippines develop its clean energy market and meet its decarbonisation targets.
Iberdrola already operates offshore wind projects in the UK and Germany and is building and developing an approximately 35-GW-strong project pipeline in the UK, US, Germany, France, Poland, Sweden, Norway, Taiwan, Japan, Korea and Brazil.
This agreement showcases Iberdrola’s willingness to invest and unlock the massive renewables potential of the Philippines and help the country deliver its National Renewable Energy Program (NREP) for 2020-2040 which has set a target of 35% share of renewable energy in the power generation mix by 2030 and 50% share by 2040.
