Iberdrola Signs Agreement with Triconti to Develop 3.5 GW Offshore Wind Projects

Iberdrola continues its expansion in the Asia-Pacific region and has signed an agreement with Stream Invest Holding AG, a Swiss renewable energy group, and Triconti ECC Renewables, the Philippines’ largest independent wind developer, securing an option to enter five offshore wind projects at very early stages of development. 

All projects have secured a Wind Energy Service Contract from the Philippines Department of Energy and would be jointly developed by the companies.

This alliance opens the opportunity for Iberdrola to enter a new offshore wind market in Asia which has strong growth potential over the coming decades.
 
This agreement showcases Iberdrola’s willingness to invest and unlock the massive renewables potential of the Philippines and help the country deliver its National Renewable Energy Program (NREP) for 2020-2040 which has set a target of 35% share of renewable energy in the power generation mix by 2030 and 50% share by 2040.

With a BBB+ rating (S&P Global), an expected GDP growth above 6% and electricity demand set to expand at approximately 6% annually between now and 2040, Iberdrola believes the Philippines is one of the most dynamic economies in the Asia Pacific region and is well positioned to support the country’s planned transformation towards a clean energy future.

This agreement joins other offshore wind transactions carried out by the company in recent years which have allowed the development of wind farms in the Baltic Sea (Wikinger, Windanker, Baltic Eagle), the North Sea (East Anglia ONE, Flagship), the Irish Sea (West of Duddon Sands), the coast of Massachusetts (Vineyard Wind, Park City Wind, Commonwealth Wind) and the coast of Brittany in France (Saint Brieuc).