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Manila Bulletin devider Business devider Nabas wind project gets BOI fiscal incentives

Nabas wind project gets BOI fiscal incentives

Published Dec 6, 2023 01:58 am

At A Glance

  • The Board of Investments granted fiscal incentives to the 13.2-megawatt (MW) Nabas-2 Wind Power Project of PetroWind Energy Inc., owned by Yuchengco and a Thai company.
  • The firm earlier signed a P1.8-billion loan agreement with the Development Bank of the Philippines (DBP) for the construction of the project.
  • Its maiden power plant in Nabas has been transmitting power since 2015 and remains the single biggest source of renewable energy in Aklan.
  •  

The 13.2-megawatt (MW) Nabas-2 Wind Power Project of PetroWind Energy Inc. (PWEI) has secured fiscal incentives from the Board of Investments (BOI).

PWEI is a joint business between Yuchengco's PetroEnergy Resources
Corporation (20 percent), PetroGreen Energy Corporation (PGEC) (40 percent), and Thai-owned BCPG Wind Cooperatief UA (40 percent).

“With approval of the registration application of PWEI’s ₱2.57 Billion Nabas-2 wind power project, we are grateful to the Yuchengco Group and Thailand’s Bangchak Group for their continuing trust and investment in the country,” said Ceferino Rodolfo, BOI managing head and Department of Trade and Industry (DTI) undersecretary.

“This only shows that the efforts of President Ferdinand R. Marcos, Jr. in attracting private local and foreign investors continue to bear fruit and we enjoin all local government unit hosts to support these investments as well. We look forward to PGEC’s registration with the BOI of more renewable energy projects in its pipeline,” he added.

Earlier, PWEI signed a P1.8-billion loan agreement with the Development Bank of the Philippines (DBP) for the construction of the project.

The wind-powered plant is located between the towns of Nabas and Malay in northern Aklan.

Its maiden power plant, the 36-MW Nabas-1, has been transmitting power since 2015 and remains the single biggest source of renewable energy in Aklan.

The project was awarded by the Department of Energy (DOE) as the winning bidder for the first green energy auction for wind in the Visayas grid.

PWEI and the National Grid Corporation of the Philippines (NGCP) agreed to the facility, which will allow it to connect to NGCP’s 69 KV transmission line via new substation to be built by PWEI.

“We welcome BOI’s approval of the Nabas-2 incentives registration as it will boost the power generation capacity of our service contract block, thus contributing to DOE’s goal of making western Visayas a renewable energy hub of the country,” said Francisco Delfin Jr., PGEC president and CEO.

“PWEI’s additional investment will also lead to more concrete benefits to our host communities – jobs generation, taxes and royalty remittances, enhanced business and eco-tourism opportunities for the locality, and more clean power supply to households and industries in the Visayas among others,” he added.
 

Related Tags

PetroEnergy Resources Corporation Board of Investments PetroGreen Energy Corporation PetroWind Energy Inc. NABASWIND
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