The Board of Investments (BOI) One-Stop Action Center for Strategic Investments (OSAC-SI) has awarded a green lane endorsement to the Php 81.68 billion offshore wind project of Ivisan Windkraft Corporation in Cavite.
“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 BOI Managing Head and Trade Undersecretary Ceferino Rodolfo.
Over the course of its pre-construction, development, and operation phases, the 450 megawatts (MW) Frontera Bay Wind Power Project is expected to create 2,700 job opportunities.
“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 (overseas Filipino workers) home and investing in the capabilities of the Filipinos,” said Ivisan Windkraft vice president Theo Sunico.
Given the green lane endorsement, national agencies and local government units are expected to hasten and simplify transactions for permits and licenses associated with the project. This would also allow the corporation to expedite its implementation.
The BOI also viewed this project as an important venture that can help the government meet its 2030 target of producing 15.3 gigawatts (GW) of renewable energy, as outlined in the 2023–2028 Philippine Development Plan.
As per Executive Order No. 18, OSAC-SI is responsible for issuing of issuing green lane certificates of endorsement for projects deemed as strategic investments.
