PetroGreen Energy Corp., the renewable energy unit of PetroEnergy Resources Corp., is studying the development of up to 4,000 megawatts of offshore wind power projects, data from the Department of Energy show.
The DOE said PGEC was looking at putting up a 2,000-MW offshore wind project in Ilocos Norte covering the areas of Burgos, Bangui and Pagudpud. It also plans to develop a 1,000-MW offshore wind project in the provinces of Occidental Mindoro and Batangas and an offshore wind project with a potential capacity of 500 MW to 1,000 MW in Iloilo and Guimaras.
PGEC received an approval from the DOE to conduct a grid impact study for the said projects.
The DOE estimated that the Philippines has an offshore wind power potential of over 170,000 MW, or more than enough to cover the country’s full power requirements.
“Harnessing our wind energy resources would open up a limitless resource of reliable and indigenous clean energy, bringing us closer to our energy security and sustainability goals. This development would also redound to the benefit of Filipinos through job generation, public health benefits, and the influx of significant inward capital investment,” Energy Secretary Alfonso Cusi said earlier.
Offshore wind projects are situated in bodies of water which are said to have stronger wind potential than onshore wind projects.
PGEC operates five power stations in the country through three operating companies—the 32-MW Maibarara geothermal project by Maibarara Geothermal Inc., the 70-MW Tarlac solar project by PetroSolar Corp. and the 36-MW Nabas-1 wind project by PetroWind Energy Inc.
PGEC parent firm PERC of the Yuchengco Group is focusing on solar and wind expansion this year.
“For 2022, our immediate expansion plans are focused on expanding our solar and wind capacities. These include expansions in our existing service contract blocks like Tarlac and Nabas as well as new areas we are looking at in Central Luzon and Central Visayas,” PERC assistant vice president for operations Maria Victoria Olivar said last year.
PERC reported a 38-percent improvement in consolidated net income in the third quarter to P158 million from P115 million over the same period in 202. Net income attributed to equity holders of PERC jumped by 115 percent to P89 million from P41 million.
Aside from RE development, PERC is engaged in petroleum exploration and production in Gabon, West Africa.