PETROGREEN Energy Corp. and Copenhagen Energy plan to form separate special purpose vehicles (SPVs) to oversee the investment and development of three offshore wind projects, the Yuchengcos’ listed energy company told the stock exchange on Monday.
In its disclosure, PetroEnergy Resources Corp. said incorporation documents were signed on Nov. 4, 2022 by the partners. PetroGreen is the renewable energy arm of PetroEnergy.
In a separate press release, PetroEnergy quoted Danish Ambassador to the Philippines Franz-Michael Skjold Mellbin as saying: “This investment and joint venture by Copenhagen Energy with [PetroGreen] testifies to Denmark’s strong belief in the potential of offshore wind in the Philippines.”
Mr. Mellbin said that the joint venture is part of Denmark’s commitment to supporting the Philippines’ goal to prioritize renewable energy in increasing power supply and reducing carbon emissions.
He said aside from private investments, the government of Denmark is also working with the Philippine government to remove barriers to commercial offshore wind development.
“Such collaboration can only strengthen the economic and people-to-people ties between Denmark and the Philippines,” he added.
The Department of Energy (DoE) is expected to issue the revised implementing rules and regulations to the Renewable Energy Act by mid-November, which will lift restrictions on foreign investments in renewable energy.
Francisco G. Delfin, Jr., vice-president and chief operating officer of PetroGreen, said the DoE expects offshore wind projects to help the country’s shift to clean energy fuel while providing a cleaner source of power.
In 2021, the Department of Energy (DoE) awarded PetroGreen with service contracts for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay for a total capacity of about 4 gigawatts (GW).
Mr. Delfin said DoE Secretary Raphael P.M. Lotilla cited the partnership as “a combination of foreign capital and technology with local knowledge and experience [that] would help strengthen cooperation between the two countries by way of knowledge sharing in renewable energy development.”
PetroGreen, through its operating subsidiaries, operates five power stations using geothermal, wind, and solar energy. These are the 32-megawatt (MW) Maibarara geothermal power plant in Batangas; the 36-MW wind project with a planned expansion of about 14 MW in Nabas and Malay, Aklan; and the 70-MW-direct current solar project in Tarlac City.
Copenhagen Energy is a Danish energy trader and developer of solar, onshore and offshore wind projects. Its wind pipeline has grown to more than 28 GW, with projects across Denmark, Australia, Ireland, Italy, and the Philippines. — Ashley Erika O. Jose