Offshore wind investors fleeing PH

Offshore wind investors from Spain, the United Kingdom (UK), as well as other European countries are already storming out of the door when it comes to their targeted investments in the Philippines' offshore wind sector, a highly placed source has affirmed.

- BY MYRNA M. VELASCO

The source conveyed that “many European investors are in fact selling their offshore wind projects—and these are mainly the decision of their principals from headquarters, so this is not within the control of their in-country executives or representatives.”

The source noted that the major offshore wind investors divesting are Spanish and UK companies that have major service contracts for offshore wind, as well as another investor from one of the Scandinavian countries.

“The Spanish and UK firms are hunting for white knights to bail them out; and the company from the Scandinavian country is poised to offload major shareholdings, while the local firm with current European-partners is scouting for fresh joint venture for it to stay in the race,” the source stressed.

The industry insider further noted that “the other company that is selling is Asia-based; and its portfolio is not just offshore wind, but it also has investments in the solar industry.”