BOI grants green lane status to P694-B offshore wind projects

The Board of Investments (BOI) has granted green lane status to Buhawind Energy Philippines (BEP) for its nearly P700-billion worth of offshore wind power projects with a target installed capacity of 4,000 megawatts (MW) or 4 gigawatts.

In a statement on Wednesday, the BOI said its One-Stop Action Center for Strategic Investments (OSACSI) awarded Green Lane Certification to BEP's three offshore wind power projects that will soon operate in Northern Luzon, Northern Mindoro, and East Panay.

The 1.980 gigawatt (GW) Northern Luzon Offshore Wind Power Project in Ilocos Norte is scheduled to begin operations in 2030; while the 990-GW Northern Mindoro Offshore Wind Power Project will follow in 2031.

Moreover, the 990-GW East Panay Offshore Wind Power Project by BuhaWind Energy East Panay Corp. in the provinces of Iloilo and Guimaras is set to start in 2033.

The three offshore wind power projects have a total investment amount of P694 billion.

Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.

In February last year, President Ferdinand Marcos Jr. issued Executive Order 18 mandating the creation of green lanes as part of efforts for ease of doing business and promoting strategic investments.

Strategic investments are those which are aligned with the Philippine Development Plan or any similar national development plan and can be characterized by the significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country's balance of payments; with complex technical processes and engineering designs; and will improve the country's infrastructure capabilities.

The BOI said BEP's projects are expected to generate over 50,000 jobs "from construction to the operation."

The BEP, a joint venture between Yuchengco-led PetroGreen Energy Corporation (PGEC) and Denmark's Copenhagen Energy (CE), combines extensive expertise in the Philippine energy market with international offshore wind development experience, according to the investment promotion agency.

Meanwhile, the company said it expects efficient coordination with various national agencies and local government units (LGUs).

It 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 BEP chair Jasmin Bejdic.

As of Nov. 14, 2024, the BOI said its One-Stop Action Center for Strategic Investments has certified a total of 167 projects worth P4.457 trillion.

The green lanes aim to accelerate and simplify the permit and licensing processes for strategic investments, driving economic growth and innovation in the Philippines. — VDV, GMA Integrated News