The Department of Energy said Thursday it is undertaking a review and enhancement of the policies and guidelines that will ensure the efficient and optimal development of offshore wind projects with potential investments of $157.5 billion.
The DOE awarded 42 OSW service contracts with an indicated 31,500 megawatts of installed capacity. OSW projects require about $5 million of investment per megawatt.
The prime areas identified for OSW development are Northern Luzon, Verde Island Passage, Northern Mindoro and Southern Mindoro.
Energy Secretary Raphael Lotilla said in an advisory released to renewable energy developers and stakeholders dated Nov. 7 that the refinements to the policies, framework and guidelines governing the administration of Wind Energy Service Contracts cover the technical, financial, operational, and administrative risks and challenges of OSW development.
Lotilla said, however, that OSW service contractors were still bound to comply with their obligations under their contracts and should continue to work on their commitments based on their approved work programs.