Auction Success: Siemens Gamesa Secures Contract For 70 MW Wind Farm In The Philippines

Zamudio, Spain - Siemens Gamesa has signed a contract with Acen Corporation, a leading developer of renewable energy projects in Southeast Asia, to supply 14 SG 5.0-145 turbines as part of the first round of renewable energy auctions in the Philippines.

The 70 MW Capa wind farm is located in Caparispisan in the province of Ilocos Norte in the north of the country. The project is expected to be completed and commissioned in the first quarter of 2024. In addition to the supply for the turbines, Siemens has also signed a contract for operation and maintenance services for the wind project for five years.

Last year, Siemens Gamesa signed a contract with Acen for the largest wind farm project in the Philippines to date, with a capacity of 160 MW. Siemens Gamesa also supplied the turbines for the 81 MW wind farm in Caparispisan, which was built in 2014. To date, Siemens Gamesa says it has installed 60 percent of the country's total wind power capacity.

In June, the Philippines completed the first round of auctions for various renewable energy projects with a capacity of around 2,000 MW. The country has set an ambitious target of generating at least 35 percent of its energy from renewable sources by 2030 and 50 percent by 2040 to achieve energy security, sustainable development and inclusive growth, and mitigate the effects of climate change.

Siemens Gamesa's stock can make slight gains today. Currently, the share of the RENIXX group is trading with a plus of 1.3 percent at a price of 17.935 euros (11:25 a.m., Aug. 11, 2022, Stuttgart Stock Exchange).

Source: IWR Online, 11 Aug 2022