Yuchengco-led PetroGreen Energy Corp. (PGEC) has entered into an investment partnership with Danish firm Copenhagen Energy to develop offshore wind projects in Luzon and in Panay which is seen to generate 4,000 megawatts (MW) of aggregate capacity.
In a Manila Bulletin report, PGEC said that the joint venture will make way for three special-purpose vehicles for its offshore wind projects: Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay.
Danish Ambassador to the Philippines Franz-Michael Skjold Mellbin said that Denmark is also exploring ways to cooperate with the national government in removing barriers to commercial offshore wind development by assisting and sharing institutional knowledge in grid planning and reinforcements, environmental monitoring, among others.
Based on an assessment of the Yuchengco group, it may take four to five years or more to bring an offshore wind power facility into commercial fruition.
According to a study by DOE together with World Bank, the Philippines has around 178 gigawatts (GW) of potential offshore wind resources.
PGEC vice president and CEO Francisco Delfin Jr said that its joint venture with Copenhagen Energy is been ‘appreciated’ by Energy Secretary Raphael Lotilla. He said that Lotilla asserted that offshore wind energy “will be a significant pillar in the country’s transition to clean energy fuel as it will provide a climate-friendly power source in replacement to conventional and aging power plants.”