The Board of Investments said investments in the renewable energy sector are expected to reach P1.031 trillion in 2023 and in the coming years.
Trade Secretary and BOI chairman Alfredo Pascual said renewable energy projects would continue to be a key driver for investments this year, following the removal of the foreign equity restriction on local projects.
Danish renewable energy developer Copenhagen Energy A/S is investing P360 billion in the BuhaWind offshore wind project in Ilocos Norte. The project is on its advanced stage of entry, according to the BOI.
“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.
The BOI is in close coordination with other government agencies involved to expedite the evaluation of the study. The project is expected to be in commercial operation by 2028, according to Pascual.
The project involves the development of offshore wind power using wind turbine generators that can produce 15 to 20-megawatt capacity each in the waters off Burgos, Bangui and Pagudpud towns in Ilocos Norte.
CE chief executive officer Jasmin Bejdic said the company was on track and progressing with its community engagement, financial impact assessment and national strategy.
“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 for wind power,” he said.
Bejdic said the Philippines remains a very promising business destination for floating wind towers.
The BOI is also evaluating P446 billion worth of investments for eight RE projects and P225 billion for pump-storage and solar energy projects.
“We highly regard renewable energy projects, especially off-shore wind types, as game changers especially as more and more investors particularly in global value chains are looking for locations that provide solutions on net-zero carbon commitments of companies,” Pascual said.
He said the BOI was also engaged with the World Bank on the implementation of its recommendations on the Offshore Wind Study conducted in 2022. The WB ranked the Philippines as the 8th best location globally for offshore wind.