Iberdrola continues its expansion in the Asia-Pacific region. It 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.