Driving the Development of Offshore Wind in the Philippines and Vietnam through Financial, Risk, and Policy Analysis and Stakeholder Collaboration
Driving the Development of Offshore Wind in the Philippines and Vietnam through Financial, Risk, and Policy Analysis and Stakeholder Collaboration
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Background of the Project
Offshore wind (OFW) has the potential to be a transformative force in the energy transition of emerging markets such as the Philippines and Vietnam. In 2025, both countries reaffirmed their commitment to advancing OFW and continued strengthening the enabling conditions required for future project development. Coupled with favourable coastal geography, clear national targets, and rising interest from international developers, these efforts position both markets to scale offshore wind in the years ahead. During this period, CSV collaborated with the Global Wind Energy Council (GWEC), the Makati Business Club, and the Embassy of the Netherlands in the Philippines on multiple research initiatives aimed at accelerating OFW advancement in the Philippines, Vietnam, and the broader Asia-Pacific region.
What We Did
- Unlocking Blended Finance for OFW: Commissioned by GWEC to produce a report identifying key challenges and providing actionable recommendations to unlock blended finance for offshore wind projects in APAC, with a particular focus on the Philippines and Vietnam. Access the report here.
- Risk-Sharing Mechanisms for OFW: Produced a finance paper, also with GWEC, examining risk-sharing tools and financing pathways that could accelerate offshore wind deployment in the Philippines. Access the report here.
- Policy Recommendations of OFW: Collaborated with the Makati Business Club and the Embassy of the Netherlands in the Philippines to create a policy brief detailing priority actions to advance offshore wind in the country. Access the brief here.
Outcomes
- CSV’s research identified key barriers slowing offshore wind investment in the Philippines, particularly high upfront risks such as permitting challenges, early-stage capital requirements, and regulatory uncertainty. The analysis also highlighted priority actions to address these barriers, including: strengthening public sector financial participation in offshore wind projects; maximizing parallel processes through stronger coordination of offshore wind activities across National Government Units; and improving financing packages and project bankability through more effective risk-sharing frameworks between public and private stakeholders. Learn more here.
- Another of CSV’s key contributions 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. See more here.
- The findings of CSV’s OFW research were shared at venues with global audiences, including COP30 in Belem, Brazil and GWEC’s flagship Asia Pacific (APAC) Wind Energy Summit in Melbourne in mid-September of 2025.