Negosyante News

December 23, 2024 9:20 am

BOI Grants Green Lane Status to P694-B Offshore Wind Projects

The Board of Investments (BOI) has awarded green lane status to Buhawind Energy Philippines (BEP) for its nearly ₱700-billion offshore wind projects. These initiatives, with a combined target capacity of 4,000 megawatts (MW) or 4 gigawatts (GW), aim to accelerate renewable energy development in the Philippines.

Key Offshore Wind Projects

The BOI’s One-Stop Action Center for Strategic Investments (OSACSI) granted Green Lane Certification to three BEP projects, set to operate in strategic locations across the country:

  1. Northern Luzon Offshore Wind Power Project:
    • Capacity: 1.980 GW
    • Location: Ilocos Norte
    • Target Operation: 2030
  2. Northern Mindoro Offshore Wind Power Project:
    • Capacity: 990 MW
    • Location: Northern Mindoro
    • Target Operation: 2031
  3. East Panay Offshore Wind Power Project:
    • Capacity: 990 MW
    • Location: Iloilo and Guimaras provinces
    • Target Operation: 2033

These projects represent a total investment of ₱694 billion and are expected to generate over 50,000 jobs, spanning the construction phase to eventual operations.

Accelerating Renewable Energy

The green lane status, created under Executive Order 18 issued by President Ferdinand Marcos Jr. in 2023, simplifies and expedites permits, licensing, and strategic investment processes. This initiative aligns with the Philippine Development Plan’s goals of fostering economic growth and environmental sustainability.

The BOI highlighted that strategic investments must have significant economic and environmental impacts, use complex technical processes, and improve the country’s infrastructure.

Joint Expertise Driving Progress

BEP is a joint venture between PetroGreen Energy Corporation (PGEC), part of the Yuchengco Group, and Denmark’s Copenhagen Energy (CE). This partnership merges PGEC’s local market expertise with CE’s international offshore wind development experience.

“We thank the BOI for awarding us Green Lane Certificates for our projects and recognizing our commitment to progress through offshore wind energy,” said BEP chair Jasmin Bejdic.

The company is currently conducting feasibility studies for its Northern Luzon site, including technical, logistical, environmental, and economic assessments.

Impact on Philippine Renewable Energy

As of November 14, 2024, the BOI has certified 167 projects worth ₱4.457 trillion under its green lane initiative, emphasizing its commitment to economic growth and innovation.

BEP’s offshore wind projects promise to significantly contribute to the country’s renewable energy transition, supporting both sustainability and employment.

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