Vind Energy wins green-lane privileges for two wind farms
By Justine Irish D. Tabile – August 14, 2024 | 8:42 pm
from Business World
THE Board of Investments (BoI) said on Wednesday that it awarded green lane certifications to Vind Energy Corp. for its combined P331 billion worth of offshore wind projects in Cavite and Guimaras.
In a statement, the BoI said that it awarded the certificates to Alma Roxas-Aguila, development director of Corio Generation, a shareholder of Vind Energy and a company in Macquarie Asset Management’s portfolio.
“We greatly appreciate the government’s support for renewable energy, particularly offshore wind. These green lane certifications are crucial for our project development and efforts in helping the country reach its decarbonization targets,” Ms. Roxas-Aguila said.
The projects in Cavite and Guimaras have a potential maximum capacity of 994 megawatts (MW) and 728 MW, respectively, and are expected to start operations in 2030.
“In particular, the projects will utilize a fixed-bottom offshore wind technology with a combined project cost of more than P331 billion,” the BoI said.
Corio’s portfolio includes floating and fixed-foundation projects across established and emerging markets. In the Asia-Pacific, it also has projects in Australia, South Korea, Taiwan, and Vietnam.
The government, through Executive Order (EO) No. 18, established green lanes in all government agencies to speed up the approval and registration process for priority or strategic investments.
There are 102 projects with investments worth P3 trillion endorsed by the BoI’s One-Stop Action Center for Strategic Investments, the majority of which are renewable energy (RE) projects.
The government has taken in increased investment in RE projects after it allowed full foreign ownership in the industry, which was previously limited to 40%.
According to Corio, EO 18 and EO 21, which directed the establishment of the framework for offshore wind development, will help in the seamless implementation of the company’s five projects in the Philippines.
