P81-B offshore wind project enters green lane

The Board of Investments’ (BOI) One-Stop Action Center for Strategic Investments (OSACSI) has approved a green lane processing for the P81.675 billion offshore wind power project of Ivisan Windkraft Corporation.

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said the project was approved for green lane processing on Dec. 6.

Rodolfo awarded the Green Lane Certificate of Endorsement to the 450 MW Frontera Bay Wind Power Project, which is expected to operate in Cavite and within President Ferdinand Marcos Jr.’s six-year term.

This is the first offshore wind project to be approved through the Green Lanes initiative. The endorsement will expedite the processing of government transactions for the project.

Ivisan Windkraft is under Triconti Windkraft Group, a Filipino-Swiss German joint venture.

“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,” said Rodolfo.

According to BOI, the country has a potential offshore wind resource of 178 GW with many coastal areas and extractable wind sources.

The project will help the country reach its 15.3 GW clean energy target by 2030 as part of the Philippine Development Plan, as well as fulfill the current administration’s goal of operating offshore wind turbines by 2028.

It is also projected to generate 2,700 jobs in the pre-development, development, and operational phases.

“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 the OFWs home and investing in the capabilities of the Filipinos,” said IWC Vice President Theo Sunico.