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Manila Bulletin devider Business devider Trade & Industry devider BOI endorses Corio's offshore wind projects for green lane processing

BOI endorses Corio's offshore wind projects for green lane processing

Published Aug 14, 2024 06:12 am

The Board of Investments (BOI) has awarded the green lane certificates of endorsement to Vind Energy Corp.’s two offshore wind projects  in Cavite and Guimaras.

Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino S. Rodolfo awarded certificates to Alma Roxas-Aguila, Development Director of Corio Generation, a shareholder of Vind Energy Corp.

Corio is a specialist offshore wind developer dedicated to harnessing renewable energy. Operating on a standalone basis, Corio is a Macquarie Asset Management portfolio company.

Expected to start their operation in 2030, the two projects have a potential maximum capacity of 994 megawatts and 728 megawatts, respectively. 

In particular, the projects will utilize a fixed-bottom offshore wind technology with a combined project cost of more than P331 billion.

“We greatly appreciate the government’s support for renewable energy, particularly offshore wind. These green lane certifications are crucial for our project development and efforts in helping the country reach its decarbonisation targets,” Roxas-Aguila said.

Offshore wind technology has long been present in other countries particularly in Europe. The company’s global project portfolio spans established and emerging markets, as well as floating and fixed-foundation technologies. 

Across Asia-Pacific, Corio is also developing projects in markets including Australia, South Korea, Taiwan and Vietnam.

With the issuance of Executive Order No. 18 constituting Green Lanes for Strategic Investments and Executive Order No. 21 Directing the Establishment of the Policy and Administrative Framework for Offshore Wind (OSW) Development, Corio is confident that they can seamlessly implement their OSW projects in the country with two out of five given the Green Lane endorsement.

OSACSI is extensively coordinating with concerned government agencies, particularly the Department of Energy, for the facilitation of permits and licenses for OSW Projects, and in paving the way for the policies and infrastructures needed to implement the same.

The two wind energy projects of Vind Energy Corp. are among the Php3 trillion green lane certified projects mentioned by President Ferdinand R. Marcos, Jr. in his State of the Nation Address (SONA) last 22 July 2024.

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Board of Investments (BOI) Corio Generation
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