Project detail - OCEANS OF ENERGY BV

OCEANS OF ENERGY BV

Back to map

Who is our client

Oceans of Energy (OOE) is the world's first mover in Offshore Solar. They have developed, built and installed a unique and novel floating solar system that can be deployed in both small and large farms at offshore locations. It is a revolutionary solution, as all similar ones are limited to landlocked waters. After years of successful trials and recent pilots, they are now operating their ground-breaking technology: the first offshore solar farm system, which it is located in the North Sea.

Funding objective

With the development capital provided by Finture Solutions, OOE will prepare the inputs needed for the implementation of a financeable offshore solar demonstrator project at a Philippine microgrid that meets the requirements of project investors (such as local partners, FMO and/or others). OOE will prove the economic and technical feasibility of offshore solar for such islands and similar projects that can be replicated in the Philippines or elsewhere.

Why we fund this project

The project contributes to expanding access to clean, affordable and sustainable energy in areas where access to electricity is challenging. By implementing this renewable solution, energy efficiency is enhanced and has a high up-scaling potential.

Environmental and social rationale

E&S Risk Categorization is B+. Potentially the following IFC Performance Standards (PS) can be triggered: 2 (in the supply chain), 3, 4 and 6. The Environmental Impact Assessment (EIA) is to show if PS 5 (fishermen), 7 and 8 are not triggered, as OOE states such areas will be avoided. The company provides a renewable energy technology. The main risk is associated with negative impacts on marine ecology/biodiversity during construction and operation, for which mitigation plans are being developed. Before the pilot starts in Palawan, an EIA and mitigation action plan will have to be accepted by FMO. The EIA should also include social impact assessment on affected seafarers such as fishermen and plans to minimise those impacts.

Region
Asia
Country
Philippines
Sector
Energy
Signing date
11/23/2020
Total FMO financing
EUR 0.13 MLN
Fund
Development Accelera
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)