Scatec ASA, a leading renewable energy producer based in Norway, recently announced that it will be injecting billions of dollars of investments with a plan to build five wind energy projects in the Philippines. Furthermore, Scatec plans to invest a total of USD 946 million to expand its renewable portfolio globally through 2027 as a result of its improved financial performance brought on by outperforming hydropower assets in the Philippines.
Scatec and its Philippine-based long-time partner, SN Aboitiz Power (SNAP), a subsidiary of a Philippine conglomerate, have bagged four offshore and one onshore wind project with a combined capacity of 2.4 GW. The joint venture is already the largest hydropower company in the Philippines and operates four hydropower plants: 105-megawatt (MW) Ambuklao and 140-MW Binga hydroelectric power plants in Benguet province, the 388-MW Magat hydroelectric power plant on the border of Isabela and Ifugao provinces, and the 8.5-MW Maris hydroelectric power plant in Isabela province.
More Norwegian companies have expressed a desire to explore offshore wind opportunities with local partners as a result of the government’s push for the use of more clean energy sources, which has been supported by several significant legislations to date, most notably the relaxing of the foreign ownership restriction for companies involved in renewable energy development. These businesses include Ocean Sun, which equipped SNAP’s Magat project with floating solar technology, and BW, which collaborates with First Gen Corporation to build LNG projects.