PetroGreen Energy (PGEC) and its partner Copenhagen Energy (CE) will form three separate special purpose vehicles (SPV) to oversee the investment and development of their offshore wind service contracts awarded by The Philippines’ Department of Energy (DOE) in 2021.
Incorporation documents were signed on November 4, 2022, by PGEC and CE for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay with total aggregate capacity of about 4GW.
PGEC is the renewable energy holding unit of Yuchengco-led and publicly listed PetroEnergy Resources Corp.
Through its operating subsidiaries, PGEC also operates five power stations using geothermal, wind, and solar energy.
Recently, PGEC also launched its Dagohoy solar project in Bohol which will increase its total solar operating units to 100MW 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 2022.
Meanwhile, CE is a Danish energy trading and developer of solar, onshore wind, and offshore wind projects.
Incorporated in 2020, CE’s offshore wind pipeline has grown to over 28GW, with projects across Denmark, Australia, Ireland, Italy, and the Philippines.