BOI Grants Green Lane to a Joint Venture Between Yuchengco-led PetroGreen and Copenhagen

The Board of Investments (BOI) awarded the Green Lane Certification to Buhawind Energy Philippines (BEP), a joint venture between Yuchengco-led PetroGreen Energy Corporation (PGEC) and Denmark’s Copenhagen Energy (CE), for its three offshore wind power projects with an aggregate target installed capacity of 4,000 gigawatts (GW).

With an investment amount of Php694 billion, the three offshore wind power projects will soon operate in Northern Luzon, Northern Mindoro, and East Panay. From construction to the operation, the three projects are expected to generate over 50,000 jobs for Filipinos.

The collaboration between PGEC and CE combines extensive expertise in the Philippine energy market with international offshore wind development experience.

“The BOI OSAC-SI Team Is committed to assisting you. The Green Lane will certainly help in expediting the process for obtaining your projects’ permits and licenses,” Governor Marjorie Ramos-Samaniego told the officials of the BEP.

The 1.980 GW Northern Luzon Offshore Wind Power Project in Ilocos Norte is scheduled to begin operations in 2030. The 0.990 GW Northern Mindoro Offshore Wind Power Project will follow in 2031, and the 0.990 GW East Panay Offshore Wind Power Project by BuhaWind Energy East Panay Corporation in the provinces of Iloilo and Guimaras is set to start in 2033.

Notably, the Green Lane Certificate is awarded to projects that meet the criteria for strategic investments and are aligned with the country’s developmental agenda. It also mandates expedited processing and permits needed by qualified investors from national government agencies and their representative offices at the regional and local levels.

According to Buhawind officials, they expect efficient coordination with various national agencies and local government units (LGUs). The company is gearing up various technical, logistical, environmental, and economic feasibility studies, especially for its Northern Luzon site.

“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,” said Buhawind Energy Chair Jasmin Bejdic.

“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 President F.G. Delfin, Jr. added.

The partnership began with co-developing projects off the Philippine coast in 2020 and was officially established as BuhaWind Energy Philippines in 2022. Leveraging their combined expertise, the team has delivered over 1 GW of offshore and onshore wind projects across Europe and the Philippines and currently manages a global offshore wind development pipeline of 30 GW.

Copenhagen Energy Group (CEG), established in 2020, has a strong track record in renewable energy, with expertise in developing solar, onshore, and offshore wind projects exceeding 1 GW. The company continues to expand its development pipeline in key markets, including Denmark, Germany, and Sweden.

The BOI recognizes the need to provide investors with platforms and processes that facilitate ease of doing business in the Philippines, especially for projects that support the nation’s goals of achieving energy and environmental sustainability.

“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 for host communities. We look forward to seeing the positive impact of your projects in achieving a shared vision for a greener and more progressive Philippines,” said Governor Ramos-Samaniego.

As of 14 November 2024, the One-Stop Action Center for Strategic Investments has certified a total of 167 projects worth Php4.457 Trillion.

The Green Lanes, established through Executive Order No. 18 in February 2023, aim to accelerate and simplify the permit and licensing processes for strategic investments, driving economic growth and innovation in the Philippines.