东南亚海上风电起飞的创新金融机制：解锁混合融资研究

A Study on UnlockingBlended Finance NOVEMBER 2025 The Global Wind Energy Council (GWEC)is the global tradeassociation for the wind power industry, with over 1,500 membersresponsible for 70% of the world’s wind capacity. Our members includemajorturbine manufacturers,energy companies,developers,and GWEC’s mission is to ensure that wind power fulfills its role as one of the keytechnology solutions to today’s energy and climate challenges, forming thebackbone of a new clean energy system and enabling trillions of dollars of Copyright © November 2025 This document contains forward-looking statements. These statementsare based on current views, expectations, assumptions and informationof the Authors. The Authors and their employees and representatives do Permissions and Usage This work is subject to copyright. Its content, including text and graphics,may be reproduced in part for non-commercial purposes, with full Attribution Innovative Finance Mechanisms for Southeast Asia’s Offshore WindTake-off: A Study on Unlocking Blended Finance. 2025. Lead Authors The lead authors of this report were Farzana Hoque, Karan Shah, andIrene Kyla Boholano from the Climate Smart Ventures (CSV) team.Lawrence Ang, Matthew A. Carpio, Ivan Mark C. Galura, and Alvin Editors and Acknowledgements Climate Smart Ventures (CSV) is a specialized advisory firm advancingthe energy transition in Asia. Established in 2020, CSV has an ambitiousgoal of catalyzing the decarbonization of 2 GW of fossil-fuelled powerto renewable energy (RE) by year-end 2025 and aspires to be a drivingforce for ESG transformation and scaling Asia’s energy transition in a This report was edited by the Global Wind Energy Councilteam: Janice Cheong, Mark Hutchinson, Liming Qiao, AnnMargret Francisco, Thang Vinh Bui, Juman Kim, Takeshi Contents The Asia Pacific region’s holds significant offshore wind (OFW) potential, particular inemerging markets and developing economies (EMDE’s) such as the Philippines andVietnam.Innovative Finance Mechanisms for Southeast Asia’s Offshore Wind Take-off: A Study on Unlocking Blended Finance, developed by the Global Wind Energy Our analysis shows that when projects are commercially viable and risks are effectivelymanaged, both domestic and international capital is ready to flow. Where gaps exist,innovative financing solutions—including blended finance, guarantees, concessionalloans, and risk-sharing mechanisms—can unlock capital, lower costs, and accelerateproject delivery. By combining strong macro-level enablers, such as infrastructure and Rebecca WilliamsDeputy CEO This report provides a tailored strategy for financing gigawatt-scale offshore windprojects in EMDE’s in APAC, considering local risks, resources and institutional realities.This offers a replicable framework for other regions with similar market characteristics.Public and private concessional finance is essential for moving projects from planning Ultimately, GWEC believes that offshore wind, supported by innovative financemechanisms and multi-stakeholder cooperation, can drive energy security, acceleraterenewable energy adoption, and create economic opportunities—turning SoutheastAsia’s vast potential into reality. To fully realize this opportunity, institutional support Executive This report identifies key challenges and opportunities to unlock blended finance foroffshore wind (OFW) in the Asia-Pacific (APAC) region, with a particular focus on thePhilippines and Vietnam. However, the findings should also be applicable globally toother emerging economies. The findings are based on comprehensive desk research This report develops a quantified capital stack to a model 500 MW offshore windproject in the APAC region, providing a replicable framework for future large-scale investments.The analysis demonstrates that when offshore wind projectsare bankable and risks are effectively mitigated and shared, both domesticand international capital can be mobilized for financing such projects. Wheremarket or deal-level gaps exist, innovative instruments, such as blended finance,guarantees and other mechanisms from development finance institutions, Drawing on the capital stack analysis, case studies, stakeholder insights, andadditional research, this report outlines targeted recommendations to unlock financefor OFW projects for key stakeholders, particularly DFIs/MDBs, ECAs, commercial Key Takeaways from the Report •When offshore wind projects are considered bankable, both domestic andinternational partners are poised to invest in OFW projects. The key featuresof a bankable OFW project can be grouped into two categories: macro-level ◊Macro-level featuresinclude planned or completed physical infrastructurerequired for OFW (ports, grids, etc.), a developed supply chain, a clearand transparent national policy on offshore wind, and a viable market ◊Deal-levelfeatures encompass financial and non-financial terms.Financial terms include clear off-take arrangements, l