PH expedites renewable energy projects worth over $70b in 2024

In December alone, six projects were certified as strategic projects.

The Philippines has granted green lane access to a total of 176 projects as of 26 December last year, of which 141 projects worth $70b (PHP 4.13t) are renewable energy facilities.

According to the Board of Investments, six projects were approved in December alone which includes the $217.21m (PHP12.72b) Laguna Wind Project in Calabarzon.

Also granted green lane access was Buhawind Energy Philippines, a joint venture between PetroGreen Energy Corp. and Denmark’s Copenhagen Energy. This will have three offshore wind power projects in Northern Luzon, Northern Mindoro, and East Panay with a total capacity of 4,000 gigawatts and a $11.85b (PHP694b) investment.

“By fast-tracking approvals through EO 18, we’ve aligned these investments with our national priorities, including renewable energy development, job creation, and economic resilience,” said BOI Investments Assistance Center Executive Director Bobby Fondevilla.

$1 = PHP 58.56