- PGEC and CE will form three separate special purpose vehicles (SPV)
- CE’s offshore wind pipeline has grown to over 28GW
PetroGreen Energy (PGEC), a renewable energy holding unit of Yuchengco-led and publicly listed PetroEnergy Resources Corp and its partner Copenhagen Energy (CE), a Danish energy trading and developer of solar, onshore wind, and offshore wind projects, 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. PGEC operates five power stations using geothermal, wind, and solar energy. CE’s offshore wind pipeline has grown to over 28GW, with projects across Denmark, Australia, Ireland, Italy, and the Philippines.
On November 4, 2022, the incorporation documents were signed by PGEC and CE for Buhawind Energy Northern Mindoro, Buhawind Energy Northern Luzon, and Buhawind Energy East Panay, with a total aggregate capacity of about 4GW.
Recently, PGEC also launched its Dagohoy solar project in Bohol, increasing its total solar operating units to 100MW. In contrast, 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.