The Philippine Board of Investments (BOI) has awarded green lane certification to a P269-billion offshore wind power project in Northern Mindoro, part of three renewable energy ventures worth P694 billion, signaling one of the largest renewable energy investments in Southeast Asia amid the country’s push for cleaner power sources.

The projects by Buhawind Energy Philippines (BEP), with a combined capacity of 4,000 gigawatts, will boost the country’s renewable energy portfolio, which currently accounts for about 22% of its power generation mix.

The government plans to increase this share to 35% by 2030 and 50% by 2040.

Critical to the Northern Mindoro project’s success is the planned Batangas-Mindoro Interconnection Project (BMIP), a 23-kilometer submarine cable system that will connect Mindoro’s power grid to the Luzon grid through Batangas.

The National Grid Corporation of the Philippines (NGCP) has included this P8.6-billion interconnection in its Transmission Development Plan 2020-2040.

The BMIP’s completion, targeted before the wind farm’s operational date in 2031, will enable the export of excess power from Mindoro to Luzon, making the offshore wind project more commercially viable.

The interconnection will also improve Mindoro’s power security, which has historically suffered from frequent outages and limited generation capacity.

The three ventures span Northern Luzon, Northern Mindoro, and East Panay, and are projected to create over 50,000 jobs, addressing both environmental concerns and unemployment in coastal regions, the BOI announced Wednesday.

“We commend Buhawind Energy for contributing to socio-economic development through green jobs and accelerating the Philippines’ transition to clean energy,” BOI Governor Marjorie Ramos-Samaniego said.

The green lane certification, established under Executive Order No. 18, streamlines permit and license processing at national and local government levels, reflecting President Ferdinand Marcos Jr.’s commitment to attract foreign investment in renewable energy.

Buhawind Energy, a strategic joint venture between the Yuchengco-led PetroGreen Energy Corporation and Denmark’s Copenhagen Energy, combines local expertise with European offshore wind technology.

Denmark, a global leader in wind energy, has been operating offshore wind farms since 1991.

The Northern Mindoro project, slated for completion in 2031, will harness the strong wind resources of the Mindoro Strait.

The project follows successful wind power developments in Bangui, Ilocos Norte, which demonstrated the country’s potential for wind energy generation.

The Northern Luzon project is scheduled to begin operations in 2030, while the East Panay venture will commence in 2033, contributing to the Department of Energy’s target of 11.8 gigawatts of additional renewable energy capacity by 2030.

The investment comes as the country seeks to reduce its dependence on imported fossil fuels and address rising electricity costs, which are among the highest in Asia.

The country’s archipelagic geography makes it particularly suitable for offshore wind development, with the World Bank estimating a technical potential of 178 gigawatts.