Philippine renewable power producer PetroGreen Energy Corp (PGEC) and Danish renewables developer and electricity trader Copenhagen Energy (CE) have signed incorporation documents to set up three special purpose vehicles (SPV) dedicated to the development of around 4 GW of offshore wind projects in the Philippines.
These SPVs, Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro and Buhawind Energy East Panay, will oversee the investment and development of their offshore wind service contracts awarded by the country’s department of energy in 2021, PGEC’s parent company, Philippine oil-and-gas major PetroEnergy Resources Corp (PSE:PERC), said on Monday.
The PGEC-CE joint venture “testifies to Denmark’s strong belief in the potential of offshore wind in the Philippines,” Danish Ambassador to the Philippines Franz-Michael Skjold Mellbin was quoted as saying in PERC’s press release.
“Aside from private investments, Denmark is also exploring ways to cooperate with the Philippine government to remove barriers to commercial offshore wind development through assistance or institutional knowledge sharing in grid planning and reinforcements, environmental monitoring, and other related experiences,” Ambassador Mellbin said.
PGEC produces renewable energy from geothermal, onshore wind and solar resources. It holds participating interests in the 32-MW Maibarara geothermal power plant, the 36-MW Nabas wind farm and its 14-MW expansion project, and the 50-MW (DC) Tarlac solar farm in the Philippines.
CE was founded in 2020 by its current CEO Jasmin Bejdic and chairman Andreas von Rosen. The Danish firm has so far accumulated 28 GW of offshore wind projects in its pipeline, spanning countries such as Denmark, Australia, Ireland, Italy and the Philippines, according to the announcement.
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