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BOI: P221.6B offshore wind power projects in Negros Occ, Iloilo get green lane status

The Bureau of Investments (BOI) on Tuesday said it has granted green lane status to the offshore wind projects to be erected in the Guimaras Strait in the Western Visayas.

In a statement, BOI said the partnership of Triconti Windkraft Group and Sea Wind Holdings AG were given the thumbs up for green lane processing of its two offshore wind power projects on Jan. 12, through its One-Stop Action Center for Strategic Investments (OSACSI).

The projects, namely Guimaras Strait Wind Power Project and Guimaras Strait II Wind Power Project, were among the first awarded Offshore Wind Energy Service Contracts by the Department of Energy. 

The two wind projects have a combined initial investment cost of P221.6 billion.

The projects will operate offshore Negros Occidental and Iloilo and have a total target capacity of 1.2 gigawatts (GW).

In February last year, President Ferdinand Marcos Jr. issued Executive Order No. 18 which mandated the creation of green lanes as part of efforts for ease of doing business and promoting strategic investments. 

Strategic investments are those which are aligned with the Philippine Development Plan or any similar national development plan and can be characterized by the significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country’s balance of payments; with complex technical processes and engineering designs; and will improve the country’s infrastructure capabilities.

As stated in the EO, the Department of Trade and Industry-BOI shall establish a One-Stop-Action-Center for Strategic Investments (OSAC-SI), which shall serve as the single point of entry for all projects qualified as strategic investments, within six months from the issuance of this latest order from the President.

BOI said the wind projects are projected to generate 3,600 direct and indirect jobs. 

It added that the projects will boost the economic activity in Negros and Iloilo because of the possible development of eco-tourism.

The Philippines features an exceptionally high potential for wind energy generation particularly because of the country’s topography, according to BOI.

“As the single point of entry for strategic investments and coordinating body for Green Lanes, OSACSI will play a pivotal role in addressing issues and concerns in the Renewable Energy industry. This streamlined approach ensures the swift materialization of energy investments in the country,” it said.—AOL, GMA Integrated News