Gov’t pushes for lower cost of offshore wind dev’t

The Marcos administration is now studying mechanisms to reduce the cost of developing offshore wind projects following its geothermal de-risking strategy, a senior energy official said.

- By BRIX LELIS

Energy Undersecretary Rowena Cristina Guevara said the Philippines is currently in talks with multilateral banks and looking at ways to lower the high capital requirements for the technology.

“Offshore wind is capital-intensive, and emerging markets face higher financing costs due to perceived risks like typhoons,” Guevara said yesterday at the APAC Wind Energy Summit in Australia.

The government, she said, is likewise considering the implementation of “blended finance and risk-sharing instruments” to address financing challenges in offshore wind development.