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Ilocos Norte’s BuhaWind project will cost P360 billion.

The cost of the BuhaWind Energy offshore wind project in Ilocos Norte, according to the Board of Investments (BOI), is PHP360 billion (EUR6 billion).

The project will involve the development of offshore wind turbine generators with a capacity of 15 to 20 megawatts apiece, according to a statement from the BOI.

Near Ilocos Norte, the offshore wind project will be situated in Burgos, Bangui, and Pagudpud.

By 2028, the project is anticipated to begin supplying electricity.

Copenhagen Energy A/S (CE), a provider of renewable energy in Denmark, and PetroGreen Energy Corp. have partnered to create BuhaWind Energy.

In December 2022, President Ferdinand R. Marcos Jr. traveled to Brussels, where CE met with the BOI to discuss its investment intentions for the Philippines.

In a follow-up meeting with PetroGreen vice president and chief operating officer Francisco Delfin Jr. and CE chief executive officer Jasmin Bejdic, Trade Secretary and BOI head Alfredo Pascual reiterated the firms’ investment promises.

“Since CE has already obtained a service contract, I am eager to see this idea put into action. The electrical design and suggestions on how to add power to the grid were already included in a system impact analysis that they also filed last week, according to Pascual.

In order to entice more enterprises to locate in the province, the BOI and the local government of Ilocos Norte inked a memorandum of understanding in November of last year. This agreement outlines coordinated actions for investor servicing, facilitation, and promotion of investments.

With the right government backing, we will be able to carry out the project as planned, with the Ilocos region being unquestionably one of the top resources for wind energy, Bejdic said.

To meet the nation’s rising energy needs, the Marcos administration is encouraging investments in domestic energy sources through the Department of Energy (DOE).

To encourage offshore wind investments, an executive order is being prepared.

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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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