MANILA – The Board of Investments (BOI) said on Tuesday that BuhaWind Energy, an offshore wind project in Ilocos Norte, costs PHP360 billion (EUR6 billion).
In a statement, BOI said the project will involve the development of offshore wind turbine generators with capacity of 15 to 20 megawatts each.
The offshore wind project will be located in Burgos, Bangui and Pagudpud in Ilocos Norte.
The project is expected to start supplying power by 2028.
BuhaWind Energy is a joint venture of Danish renewable energy firm Copenhagen Energy A/S (CE) and PetroGreen Energy Corp.
During the President Ferdinand R. Marcos Jr.’s visit to Brussels in December 2022, CE discussed with the BOI its investment plans in the Philippines.
Trade Secretary and BOI chair Alfredo Pascual had a follow-through meeting with CE chief executive officer Jasmin Bejdic and PetroGreen vice president and chief operating officer Francisco Delfin Jr., wherein the business executives reaffirmed the firms’ investment commitments.
“I am looking forward to the implementation of this project, especially since CE has already secured a service contract. They also already submitted a system impact study last week, which already included the electrical design and proposals on how to bring power to the grid,” Pascual said.
In November last year, the BOI and the local government of Ilocos Norte signed a memorandum of agreement for joint investments promotion, facilitation and investor servicing activities to attract more companies to put up their businesses in the province.
“With proper government support, we will be able to implement the project according to plan, noting Ilocos region as definitely one of the best resource(s) for wind power,” Bejdic said.
The Marcos administration, through the Department of Energy (DOE), is promoting investments in indigenous energy resources to supply the country’s increasing power needs.
An executive order is being drafted to attract offshore wind investments. (PNA)
