PetroGreen Energy Corp. and Danish firm Copenhagen Energy announced Monday the joint development of offshore wind projects with a combined capacity of 4,000 megawatts.
PGEC and Copenhagen Energy will form three special-purpose vehicles to oversee the investment and development of offshore wind service contracts awarded by the Department of Energy in 2021.
The parties signed the incorporation documents on Nov. 4 for Buhawind Energy Northern Luzon (2,000 MW), Buhawind Energy Northern Mindoro (1,000 MW) and Buhawind Energy East Panay (500 MW to 1,000 MW).
“This investment and joint venture by Copenhagen Energy with PGEC testifies to Denmark’s strong belief in the potential of offshore wind in the Philippines and to our support for President Marcos Jr.’s high priority on renewable energy to increase power supply and to reduce carbon emissions in the country,” Danish Ambassador to the Philippines Franz-Michael Skjold Mellbin said.
PGEC is the renewable energy holding unit of Yuchengco-led and publicly listed PetroEnergy Resources Corp.