Iberdrola has signed an agreement with the Swiss renewable energy group Stream Invest Holding AG and with Triconti ECC Renewables, the largest independent wind developer in the Philippines, to enter into five marine technology projects that are in a very early stage of development.
All the projects have obtained the first authorizations from the country’s Ministry of Energy for their development, which will be carried out jointly by the Spanish company and Triconti.
This alliance opens the opportunity for Iberdrola to enter a new marine wind market and highlights the interest in realizing the enormous potential of the renewables sector in the Philippines and helping the country to comply with its Renewable Energy Program (NREP) by 2020 -2040. This plan establishes the objectives of reaching a share of 35% of renewable energy in the generation mix by 2030 and 50% in 2040.
With a rating of BBB + (S&P Global), GDP growth forecasts of over 6% per year and electricity demand that will increase almost 6% each year until 2040, the Philippines is, for Iberdrola, one of the most dynamic economies in the world. the Asia-Pacific region.