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Released January 16, 2025 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Grid connection for a proposed 2-gigawatt (GW) floating offshore windfarm has been granted by the National Grid Corporation of the Philippines (NGCP) as part of the government's ambitious green energy plans.
The positive decision will allow the US$1.8 billion project, which is being developed by BuhaWind Energy Philippines, to advance with a detailed design and schedule of the overall grid connection. BuhaWind is a joint venture company created by Denmark's Copenhagen Energy and local developer PetroGreen Energy Corporation (PGEC). The 2-GW project in Northern Luzon, located offshore of Ilocos Norte, is expected to be fully operational in 2030. The joint venture is also looking to construct two more floating offshore wind projects with a combined capacity of 2-GW. In northern Mindoro, offshore of Occidental Mindoro and Batangas, a 1-GW windfarm will be developed by 2031 while in East Panay, offshore of Iloilo and Guimaras, a similar project is scheduled for commissioning in 2033.
Last year, all three floating offshore wind projects were awarded Green Lane Certificates by the Philippines Board of Investments (BOI) which means they will benefit from streamlined and expedited processing of permits. In November 2022, on the back of strong project investment, the Philippines amended its Renewable Energy Law to allow 100% foreign ownership of renewable energy projects. In early 2023 Green Lane Certificates were introduced by Presidential mandate to greatly accelerate the permitting process for projects deemed in the national interest. The country has seen a massive surge in investment in recent years and according to the Organisation for Economic Co-operation and Development (OECD) it is ranked fourth globally among the most promising emerging markets for renewable investments.
Last September, the Board of Investments awarded green lane certificates to 126 projects worth US$70.2 billion. The vast majority of those, worth US$63.6 billion, are renewable energy projects, with the rest being in proposed data centers. The country gets just over 22% of its electricity from renewables, with geothermal and hydro accounting for 88%, according to the International Energy Agency (IEA). Solar covers around 8% and wind almost 4.5%. Solar and wind projects make up the bulk of new energy investments. The country is aiming for 50% renewables by 2040.
Last August, a green lane certificate was granted for the giant Terra Solar project, which if it advances, would be the world's largest solar and storage development. Terra Solar Philippines, Inc. (TSPI) wants to construct up to 3,500-megawatts (MW) of solar panels alongside a 4,500-megawatt hour (MWh) battery energy storage system (BESS). It would span 3,500 hectares of land in the Bulacan and Nueva Ecija provinces. Industrial Info is tracking seven associated projects worth US$9.5 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The positive decision will allow the US$1.8 billion project, which is being developed by BuhaWind Energy Philippines, to advance with a detailed design and schedule of the overall grid connection. BuhaWind is a joint venture company created by Denmark's Copenhagen Energy and local developer PetroGreen Energy Corporation (PGEC). The 2-GW project in Northern Luzon, located offshore of Ilocos Norte, is expected to be fully operational in 2030. The joint venture is also looking to construct two more floating offshore wind projects with a combined capacity of 2-GW. In northern Mindoro, offshore of Occidental Mindoro and Batangas, a 1-GW windfarm will be developed by 2031 while in East Panay, offshore of Iloilo and Guimaras, a similar project is scheduled for commissioning in 2033.
Last year, all three floating offshore wind projects were awarded Green Lane Certificates by the Philippines Board of Investments (BOI) which means they will benefit from streamlined and expedited processing of permits. In November 2022, on the back of strong project investment, the Philippines amended its Renewable Energy Law to allow 100% foreign ownership of renewable energy projects. In early 2023 Green Lane Certificates were introduced by Presidential mandate to greatly accelerate the permitting process for projects deemed in the national interest. The country has seen a massive surge in investment in recent years and according to the Organisation for Economic Co-operation and Development (OECD) it is ranked fourth globally among the most promising emerging markets for renewable investments.
Last September, the Board of Investments awarded green lane certificates to 126 projects worth US$70.2 billion. The vast majority of those, worth US$63.6 billion, are renewable energy projects, with the rest being in proposed data centers. The country gets just over 22% of its electricity from renewables, with geothermal and hydro accounting for 88%, according to the International Energy Agency (IEA). Solar covers around 8% and wind almost 4.5%. Solar and wind projects make up the bulk of new energy investments. The country is aiming for 50% renewables by 2040.
Last August, a green lane certificate was granted for the giant Terra Solar project, which if it advances, would be the world's largest solar and storage development. Terra Solar Philippines, Inc. (TSPI) wants to construct up to 3,500-megawatts (MW) of solar panels alongside a 4,500-megawatt hour (MWh) battery energy storage system (BESS). It would span 3,500 hectares of land in the Bulacan and Nueva Ecija provinces. Industrial Info is tracking seven associated projects worth US$9.5 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
