The Bremen-based firm that develops and operates wind and solar farms, wpd, is investing P392.4 billion in the Philippines to set up offshore wind farms in Cavite, Negros Occidental, and Guimaras.
According to the Department of Trade and Industry, wpd’s project was the biggest undertaking approved by the Board of Investments in the first quarter of 2023.
wpd operates onshore and offshore wind farms and solar parks in 28 countries. The output from its wind energy projects with some 2,400 wind turbines is at 5,150 megawatts.
The German company has a stake in Triconti ECC Renewables Corporation, a joint venture with Swiss and Filipino partners, that developed and operates an onshore wind farm in Aklan that has a capacity of 75.6 MW.
The DTI said the BOI also approved the P36.9-billion solar energy project in Ilocos of 3 Barracuda Energy Corp., the second biggest project approval for the period.
“We aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act,” Trade Secretary Fred Pascual said. (Eileen Mencias)
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