THE Department of Trade and Industry (DTI) said that the P360 billion offshore wind project in Ilocos Norte is on track and has progressed with its development.
In a statement on Tuesday, the DTI said that Trade Secretary Alfredo E. Pascual recently had a follow-through meeting with Copenhagen Energy A/S Chief Executive Officer Jasmin Bejdic regarding the BuhaWind energy project.
According to the DTI, the project has been progressing with its community engagement, financial impact assessment, and national strategy. The project is conducted under a joint venture between Copenhagen Energy and PetroGreen Energy Corp.
'I am looking forward to the implementation of this project, especially since [Copenhagen Energy] 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,' Mr. Pascual said.
The project, which is expected to begin commercial operations by 2028, will develop offshore wind power via wind turbine generators with a 15- to 20-megawatt capacity each in the waters off Burgos, Bangui, and Pagudpud.
Mr. Pascual said that the DTI's Board of Investments (BoI) is working with other government agencies such as the Office of the President and the Department of Energy (DoE) to accelerate the start of the company's commercial operations.
'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 (GVCs) are looking for locations that provide solutions on net-zero carbon commitments of companies,' Mr. Pascual said.
Meanwhile, Mr. Pascual said that his department is also evaluating eight renewable energy projects worth P446 billion as of January this year.
'This amount does not yet include the BuhaWind project which is at an advanced stage of entry as well as the P225 billion pump-storage and solar energy project,' Mr. Pascual said.
'Renewable energy projects will again be a key driver for investments this year, especially following the removal of the foreign equity restriction,' he added.
The DoE previously issued a circular that amended the implementing rules and regulations of the Renewable Energy Act, allowing 100% foreign ownership in renewable energy projects, compared to the previous 40%.