PetroEnergy to tap foreign partner for offshore wind project

Petroenergy Offshore Wind

PetroEnergy Resources Corp. (PERC) will be tapping in a foreign entity to help develop the three offshore wind energy projects in its pipeline. 

“These projects will be developed by the PetroGreen Energy Corp. (PGEC) alongside a foreign partner,” PERC said in a disclosure to the Philippine Stock Exchange (PSE). 

PERC, however, did not disclose its partner company. 

PEGC had secured three wind energy service contracts from the Department of Energy (DOE), namely; the Northern Luzon Offshore Wind Power Project in offshore Ilocos Norte; the Northern Mindoro Offshore Wind Power Project in offshore Occidental Mindoro; and the East Panay Offshore Wind Power Project in offshore Iloilo. 

In December 2021, the DOE had endorsed the three offshore wind projects to the National Grid Corporation of the Philippines (NGCP) to conduct a System Impact Study (SIS). 

“The early issuance will help both DOE and NGCP to plan their grid improvements to accommodate large-scale capacities from these offshore wind projects. PGEC also secured DOE’s Endorsement to Local Government Units / National Government Agencies for the Northern Luzon project in January 2022,” PERC said. 

PERC registered a consolidated net income of Php 253 million in the first quarter this year due to higher crude oil prices, power sales and lower interest.

According to a study by DOE together with World Bank, the Philippines has around 178 gigawatts (GW) of potential offshore wind resources.