17 November 2025
Driving Offshore Wind Growth in Southeast Asia: GWEC and CSV Launch New Report on Innovative Finance Mechanisms at COP30
Driving Offshore Wind Growth in Southeast Asia: GWEC and CSV Launch New Report on Innovative Finance Mechanisms at COP30
Farzana Hoque, Senior Advisor
Karan Shah, Associate
Kylene Boholano, Associate
17 November 2025 – Belém, Brazil – At last week’s Global Renewables Hub during COP30, the Global Wind Energy Council (GWEC) in partnership with Climate Smart Ventures (CSV) launched a new report aimed at accelerating offshore wind (OFW) development in the Asia-Pacific region (APAC).
Event speakers included Rebecca Williams, Deputy CEO, and Janice Cheong, Deputy Director for Policy Advocacy at GWEC, among others. CSV Managing Partner Lawrence Ang delivered the opening remarks virtually. The report identifies key challenges and provides actionable recommendations to unlock blended finance for offshore wind projects in APAC, with a particular focus on the Philippines and Vietnam.
Both countries are well-positioned to scale offshore wind, supported by favourable geography, national targets, and increasing developer interest. Regulatory and market reforms are already underway, such as Vietnam’s Decree No. 58/2025 and the Philippines’ GEA-5, to attract investment and accelerate sector growth, drawing increased attention from development finance institutions (DFIs), multilateral development banks (MDBs), and other financiers.
The report was designed around four core objectives:
- To provide an overview of the current state of blended finance in APAC, specifically the availability of concessional finance to be deployed and industry perceptions.
- To develop a detailed analysis of challenges, limitations and trade-offs as well as opportunities of financing offshore wind in APAC.
- To propose a quantifiable capital stack for a 500MW offshore wind project in the APAC region, serving as a replicable framework for future projects.
- To highlight recommendations to unlock finance for different stakeholders, including policymakers, DFIs/MDBs, financial institutions as well as industry.
To inform the analysis, the project team engaged DFIs/MDBs, export credit agencies (ECAs), and commercial financial institutions for insights and feedback. One of CSV’s key contributions to this report was developing the quantified capital stack for a model 500-MW offshore wind project in the region. The model and analysis found that using blended finance, the levelized cost of electricity (LCOE) can be brought down by 39% for a Philippines OFW project and 35% for a Vietnamese OFW project. Additionally, blended finance enabled developer bid tariffs to decrease 36% for a Philippines OFW project and 35% for a Vietnamese one.
Five key findings from the report are outlined below.
Recommendations from the report indicate the need to take advantage of both macro-level and deal-level opportunities. For example, governments should create bankable offtake and pricing frameworks, and DFIs and MDBs as well as export credit agencies can have a significant impact by providing blended finance and credit support to first mover offshore wind projects, learning from success cases in Asia and OECD markets.
The report outlines the following priority recommendations for key stakeholders in the offshore wind industry.
The lead authors of this report were Farzana Hoque, Karan Shah, and Irene Kyla Boholano from the CSV team. Lawrence Ang, Matthew A. Carpio, Ivan Mark C. Galura, and Alvin Prado from CSV provided guidance and essential research support. Editorial review was provided by Janice Cheong, Mark Hutchinson, and Liming Qiao from GWEC.
Access the report here, and contact farzana@climatesmartventures.com with any inquiries.
About Climate Smart Ventures
Climate Smart Ventures (CSV) is an advisory firm advancing the energy transition in Asia. Our expertise and projects span coal to clean utility-level energy transition, industrial decarbonization, grid transformation, transition finance, and government-level policy recommendations. We also provide ESG and sustainability advisory services, focused on decarbonization and management of environmental and social impacts. Ecosystem building and collaboration are key elements of our firm, which partners closely with the region’s leading corporates and power portfolio owners, investors, off-takers, and others. For more information, visit https://climatesmartventures.com.