By Mauro Orru

Iberdrola SA is entering the offshore wind market in the Philippines, citing good growth prospects in the coming decades.

The Spanish energy company said Wednesday that it has signed an agreement with Swiss renewable-energy group Stream Invest Holding AG and Philippine-based project developer Triconti ECC Renewables that will enable Iberdrola to play a role in five offshore wind projects that are currently at an early stage of development.

The announcement comes as the Philippines targets a 35% share of renewable energy by 2030 and 50% by 2040 as part of its plan to improve the country's energy mix.

Iberdrola operates offshore wind farms in Germany and the U.K., and is developing projects in many other markets. The company has a portfolio of more than 81.5 gigawatts of renewable projects.

The additional five projects in the Philippines will add up to 3.5 gigawatts to its portfolio.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

January 12, 2022 07:34 ET (12:34 GMT)

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