‘Next major Asia Pacific market’: Corio targeting Philippines’ green energy auction

On a visit to the country’s capital Manila in mid-July 2023, Corio Generation deputy chief executive Alejandro de Hoz met with Secretary of the Department of Energy Raphael ‘Popo’ Lotilla.

The visit took place as the government of the Philippines – seen as a potential major growth marekt for offshore wind – is looking to reach a target of 35% renewables in its energy generation mix by 2030 and 50% by 2040.

The Philippines is planning to hold a green energy auction in 2024. Corio Generation said is planning to develop up to five projects with a total capacity of 3 GW off the coasts of Cavite, Batangas-Mindoro, IIoilo and Guimaras, under wind energy service contracts that provide site exclusivity. This pipeline comprises 2 GW of fixed-bottom and 1 GW of floating wind projects.

“We congratulate the government of the Philippines for its commitment to the green energy transition. This is a country with abundant natural resources and many suitable sites for offshore wind power,” Mr de Hoz said. “Our team has been exploring multiple opportunities in the country and is optimistic about participating in future auctions.”

In the Asia Pacific region, Corio Generation is already developing projects in markets such as Australia, South Korea, Taiwan and Vietnam. It has been exploring opportunities in the Philippines since April 2022.