BOI Certifies PHP694-B Offshore Wind Projects

The Board of Investments (BOI) awarded the Green Lane Certification to Buhawind Energy Philippines (BEP) for its PHP694 billion offshore wind power projects, set to operate in Northern Luzon, Northern Mindoro, and East Panay.

The three projects, with a combined target capacity of 4,000 gigawatts (GW), are expected to generate over 50,000 jobs from construction to operation.

BEP, a joint venture between PetroGreen Energy Corporation (PGEC) and Denmark’s Copenhagen Energy (CE), leverages local energy market expertise and international offshore wind development experience.

“The Green Lane will certainly help in expediting the process for obtaining your projects’ permits and licenses,” BOI Governor Marjorie Ramos-Samaniego said during the awarding ceremony on November 18 in Makati City.

The largest project, the 1.98 GW Northern Luzon Offshore Wind Power Project in Ilocos Norte, is set to commence operations in 2030.

This will be followed by the 0.99 GW Northern Mindoro Offshore Wind Power Project in 2031 and the 0.99 GW East Panay Offshore Wind Power Project, covering Iloilo and Guimaras, in 2033.

The Green Lane Certificate expedites permits and regulatory approvals for projects classified as strategic investments aligned with the country’s developmental goals.

Buhawind Energy Chair Jasmin Bejdic expressed gratitude for the certification, saying, “We thank the BOI for awarding us with Green Lane Certificates for our three offshore wind power projects and recognizing our commitment and efforts to drive progress in the Philippines through offshore wind energy.”

President F.G. Delfin Jr. highlighted the importance of the certification in mitigating project risks, stating, “The BOI’s commitment to ensure expedited approvals from regulatory agencies and LGUs through these Certificates is especially helpful in planning and managing project risks, schedules, and budget in an industry requiring massive amounts of private capital.”

Buhawind Energy was established in 2022 following collaborative efforts between PGEC and Copenhagen Energy that began in 2020.

The team has delivered over 1 GW of wind energy projects across Europe and the Philippines and currently manages a global offshore wind development pipeline of 30 GW.

Copenhagen Energy, founded in 2020, has a robust portfolio in renewable energy, including solar, onshore, and offshore wind projects across Denmark, Germany, and Sweden.

The BOI underscored the projects’ significance in promoting green energy and economic growth.

“We commend Buhawind Energy for its commitment to increasing the energy supply in the country and contributing to socio-economic development in the countryside through green jobs, fiscal contributions to local government units, and corporate social responsibility projects,” Ramos-Samaniego said.

The Green Lanes initiative, created under Executive Order No. 18 in 2023, aims to streamline permits for strategic investments and drive economic innovation.

Since its inception, the BOI’s One-Stop Action Center for Strategic Investments has certified 167 projects worth PHP4.457 trillion as of November 14, 2024.