THE Board of Investments (BoI) has endorsed the Philippines’ first offshore wind project, which is estimated to cost P81.68 billion, for green lane services, which will entitle the project to expedited processing of permits and licenses.
In a statement, BoI said it issued a certificate of endorsement to Ivisan Windkraft Corp. for its 450-megawatt Frontera Bay Wind Power Project off 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,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.
The BoI said that the project will help the country achieving its target of producing 15.3 gigawatts of clean energy by 2030 under the Philippine Development Plan.
“These offshore wind turbines can also become a new tourist attraction especially when the proposed bridge linking Cavite and Bataan is finished,” it said.
“The project is fully aligned with the administration’s goal of operating offshore wind turbines by 2028,” it added.
The project is expected to create 2,700 local jobs in its pre-development, development, and operational phases. It will also provide training and development to neighboring communities.
“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 overseas Filipino workers home and investing in the capabilities of the Filipinos,” said Theo Sunico, vice-president of Ivisan Windkraft.
The Philippines has potential offshore wind resources of 178 gigawatts, with large parts of the coast having wind that can power turbines, the BoI said.
The Ivisan wind project is one of 22 projects endorsed by BoI for green lane processing, which projects deemed strategic are eligible for.
Of the total projects endorsed, 15 are in the renewable energy sector. The remaining projects involve food security (2), manufacturing of new products or new technology (2), and digital infrastructure (3). — Justine Irish D. Tabile