Corio to develop five projects to participate in offshore wind auctions in the Philippines

Global offshore wind developer Corio Generation is all set to participate in the offshore wind projects auctions in the Philippines.

The company is preparing to develop the projects, which will strengthen its pipeline across the Asia-Pacific region. Corio is a portfolio company of the Macquarie Group.

The latest development comes as the company’s deputy chief executive Alejandro de Hoz met with Raphael Lotilla, Secretary at the Department of Energy of the Philippines, recently.

To be noted, the Philippines has set a goal of achieving 35% of renewables in its energy generation mix by 2030 and 50% by 2040.

During the upcoming Green Energy Auction in 2024, Corio plans to develop up to five projects with a total capacity of 3GW. These projects will be located off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras under wind energy service contracts, the company stated.

It has been informed that this pipeline will consist of 2GW of fixed-bottom and 1GW of floating wind projects.

Company’s deputy chief executive De Hoz was quoted in a statement, "We congratulate the Government of the Philippines for its commitment to the green energy transition. Our team has been exploring multiple opportunities in the country and is optimistic about participating in future auctions.”

He further mentioned, "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.”