The Board of Investments (BOI) approved the country’s first offshore wind project, paving the way for a major leap in clean energy generation and economic development.
The massive 450-megawatt (MW) Frontera Bay Wind Power Project will bring in P81.67 billion in fresh investments by Ivisan Windkraft Corp.
“We endeavor to develop the offshore wind industry value chain in the Philippines and invite global offshore wind industry players to choose the Philippines as their hub in Southeast Asia,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.
The project in Cavite province received a green lane certificate of endorsement—a fast-track mechanism for strategic investments.
It is estimated to be operational within the term of President Ferdinand Marcos Jr. and has the potential to contribute to the country’s goal of achieving 15.3 gigawatts (GW) of clean energy by 2030 as part of the Philippine Development Plan’s goal of having a secure, reliable and clean energy mix.
The Frontera Bay project aims to produce clean power and contribute to job creation, tourism opportunities and a vital boost to local communities with some 2,700 jobs to be generated during construction and when the power project goes on stream.
The government is also banking on the project to become a new tourist attraction once the proposed bridge linking Cavite and Bataan is finished. The project is aligned with the administration’s goal of operating offshore wind turbines by 2028, according to the BOI.
“What we want to show is that the offshore wind industry has Filipinos around the world working as engineers, mariners, etc. Developing the ecosystem in the country aligns with our goals of bringing the OFWs home and investing in the capabilities of the Filipinos,” said Ivisan Windkraft vice president Theo Sunico.
The President approved the green lanes for strategic investments through Executive Order No. 18. Green lanes aim to expedite, simplify and automate the permit and license application processes for strategic investments.
The BOI’s One-Stop Action Center for Strategic Investments (OSACSI) will facilitate the processing of permits and licenses of all green lane-endorsed projects to expedite the approval of more renewable energy investments in the country.