ACEN Corporation – Ayala Group’s energy platform – will be pursuing offshore wind projects in both the Philippines and Vietnam said company Chief Development Officer Jose Maria Zabaleta.

According to Zabaleta, they’ve already identified possible sites in the countries of interest – wherein pre-development work is being undertaken.

“Offshore wind is one of the technologies we’re currently exploring. We have identified possible sites in the Philippines and Vietnam where we are currently pursuing studies and pre-development work,” he explained.

Zabaleta noted that, in the Philippines, “ACEN has already secured wind energy service contracts for sites in Batangas and Manila Bay.” This includes the renewable energy (RE) service contracts for the prospective 1,024-megawatt Calatagan offshore wind installation under Giga Ace7 and the 1,248MW Manila Bay offshore wind venture under the Gigawind5 subsidiary – documents from the Department of Energy revealed.

However, Zabaleta specified that these offshore wind projects are “medium to long-term initiatives that will depend on the commercial and financial and technical feasibility of the potential projects.”

He said that the viability of the projects will be assessed in the backdrop of rising energy prices in the world market and how these developments could be turned into commercial reality relative to investment risks in its home markets.

“Energy and material prices are currently elevated while some prospective project sites may require us to build additional transmission lines, roads, and land,” Zabaleta added.

The executive shared that they “continue to track these technologies closely alongside floating and tracking solar through development platforms and countries across the region.”

Want more news like this one? Head over to Nation Builder PH Business News Section for the latest updates.

Image credit: ACEN; Mike Setchell via Unsplash