BOI OKs Nabas-2 project

MANILA, Philippines — PetroWind Energy Inc. (PWEI) has secured approval from the Board of Investments (BOI) for its 13.2-megawatt (MW) Nabas-2 wind power facility, allowing the project to get tax  incentives.

“With the approval of the registration application of PWEI’s P2.57 billion Nabas-2 wind power project, we are grateful to the Yuchengco Group and Thailand’s Bangchak Group for their continuing trust and investment in the country,” BOI managing head and Department of Trade and Industry Undersecretary Ceferino Rodolfo said.

PWEI is the joint-venture between Yuchengco Group of Companies’ PetroEnergy Resources Corp. (PERC), PetroGreen Energy Corp. (PGEC), and Thai-owned BCPG Wind Cooperatief UA.

“We look forward to PGEC’s registration with the BOI of more renewable energy projects in its pipeline,” Rodolfo said.

The Nabas-2 project is located south of the existing 36-MW Nabas-1 wind power plant which has been transmitting power since 2015 and remains as the single biggest source of renewable energy in Aklan.

In September last year, Nabas-2 was officially awarded by the Department of Energy as the winning bidder for the first green energy auction for wind in the Visayas grid.

A year later in September 2023, PWEI and the National Grid Corp. of the Philippines (NGCP) entered into a connection agreement for the facility, allowing it to connect to NGCP’s 69-kilovolt transmission line via a new substation to be built by PWEI.

“We welcome BOI’s approval of the Nabas-2 incentives registration as it will boost the power generation capacity of our service contract block, thus contributing to DOE’s goal of making western Visayas a renewable energy hub of the country,” PGEC president and CEO Francisco Delfin Jr. said.

“PWEI’s additional investment will also lead to more concrete benefits to our host communities – jobs generation, taxes and royalty remittances, enhanced business and eco-tourism opportunities for the locality, and more clean power supply to households and industries in the Visayas among others,” he said.

PERC is engaged in renewable energy through PGEC, which owns and runs power stations utilizing geothermal, wind and solar energy.