PERC, Copenhagen Energy form JV for wind project

MANILA, Philippines — The renewables unit of Yuchengco-led PetroEnergy Resources Corp. (PERC) is setting up a separate joint venture entities with its partner Copenhagen Energy for their three offshore wind projects in the Philippines.

In a disclosure to the Philippine Stock Exchange yesterday, PERC said its subsidiary PetroGreen Energy Corp. (PGEC) and Copenhagen Energy would create a special purpose vehicles (SPVs) to oversee the investment and development of their offshore wind service contracts awarded by the Department of Energy (DOE) in 2021.

The three new offshore wind blocks from the DOE cover offshore northern Luzon, northern Mindoro, and eastern Panay.

“Incorporation documents were signed on Nov. 4, 2022, by PGEC and Copenhagen Energy for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay with total aggregate capacity of about 4 GW (gigawatts),” the company said.

In July, PERC announced plans to develop the three offshore wind power projects in its pipeline with a foreign partner, but did not disclose the identity of the said partner.

Copenhagen Energy is a Danish energy trading and developer of solar, onshore wind and offshore wind projects.

Incorporated in 2020, Copenhagen Energy’s offshore wind pipeline has grown to over 28 GW, with projects across Denmark, Australia, Ireland, Italy and the Philippines.

As the renewable energy holding unit PERC, PEGC operates five power stations using geothermal, wind, and solar energy.

These are the 32-megawatt (MW) Maibarara Geothermal Power Plant in Batangas, 36-MW Nabas Wind Project with 14 MW planned expansion in Nabas and Malay, Aklan, and the 70-MW direct current (dc) Tarlac Solar Project in Tarlac City.

Recently, PGEC also launched its Dagohoy solar project in Bohol which will increase its total solar operating units to 100 MW while PetroWind Energy Inc. (PWEI), its onshore wind unit, won the Visayas grid wind allocation in the first DOE Green Energy Auction Program (GEAP) last June.

Earlier this year, PERC said it has planned the 500-MW expansion of its renewable portfolio in the next five years.

The firm said it plans to add 100 MW of new solar projects in the next two years and 300-400 MW in the next three to four years.