DTI: Copenhagen Energy’s P360-B wind project on track

The P360-billion offshore wind project of Danish renewable energy (Re) developer Copenhagen energy in Ilocos Norte is on track for a 2028 launch, according to the Department of Trade and Industry (DTI).

In a meeting with Copenhagen energy CEO Jasmin Bejdic, Trade Secretary and Board of Investments (BOI) Chairman Alfredo e. Pascual said he is “pleased” with the project’s implementation, noting that the company has already secured a service contract.

The Trade department and the BOI said in a statement on Tuesday that the company is progressing with its community engagement, financial impact assessment, and national strategy.

“I am looking forward to the implementation of this project, especially since Ce [Copenhagen energy] has already secured a Service Contract. They also submitted a system impact study last week, which already included the electrical design and proposals on how to bring power to the grid,” Pascual said.

The project, Buhawind energy, is a joint venture of Ce with Petrogreen energy Corp. The DTI said this project involves the development of offshore wind power with wind turbine generators of about 15 to 20-megawatt capacity each in the waters of Burgos, Bangui, and Pagudpud towns in Ilocos Norte.

The BOI said commercial operations of the project will commence by 2028.

For his part, Bejdic said he is looking forward to the implementation of the project, noting that the Philippines remains a “very promising” business destination for floating wind towers.

“With proper government support, we will be able to implement the project according to plan, noting Ilocos region as definitely one of the best resources for wind power,” said.

The DTI said the followthrough meeting was one of the “concrete” results of the promotional activities conducted during President Marcos’ visit to Belgium last December 2022, where the BOI and Ce discussed its plans to invest in the Philippines.

The Trade chief said the BOI is also engaged with the World Bank (WB) on the implementation of its recommendations following their Offshore Wind Study last year. Notably, the WB ranked the Philippines as the 8th best location globally for offshore wind.

“We highly regard renewable energy projects, especially offshore 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,” Pascual said.

The Trade chief had announced the incoming “massive” investments in the renewable energy sector this year as more companies are transitioning to cleaner power sources.

Pascual also said Re projects will again be a “key driver” for investments this year, following the removal of the foreign equity restriction.

As of January, the BOI said it is evaluating 8 Re projects worth P446 billion.

The figure 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.