By Nimfa Estrellado (L to R) BOI Investments Specialist Mr. Christian M. Sarasola, BOI- IAS-CBRD OIC-Chief Atty. Rizel C. Barsabal, BOI Seni...
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| (L to R) BOI Investments Specialist Mr. Christian M. Sarasola, BOI- IAS-CBRD OIC-Chief Atty. Rizel C. Barsabal, BOI Senior Investments Specialist Baba Agonoy, BOI-IAS Director Ernesto Delos Reyes, Jr., NREI Country Director-Philippines and ACX3 Capital Holdings Inc. Chairman Puneet Malhotra, NREI Philippines Project Director and ACX3 Capital Holdings Inc. President Nicolo Daniel Subido, Senior Project Development Manager Ronald H. Faltado, Project Development Manager Romariz Ryla Sacdalan, and Environmental and Associate Project Development Manager Gavrie Bryan Mascardo. (Photo from BOI) |
LUCENA CITY, Quezon - Harnessing the power of the sea, Quezon Province is poised to become a renewable energy powerhouse with the recent development of the P67-billion Lucena Wind Power Project. This ambitious undertaking is led by ACX3 Capital Holdings Inc., a subsidiary of Singapore-based Nexif Ratch Energy Investments Pte. Ltd. (NREI).
The Lucena Wind Power Project has been granted green-lane access by the Board of Investments (BOI), streamlining its path to operation. This expedited process, facilitated by the BOI's One-Stop Action Center for Strategic Investments (OSAC-SI), aims to accelerate the implementation of crucial infrastructure projects like this one, demonstrating the government's commitment to attracting strategic investments and fostering a supportive environment for renewable energy.
The project, currently in its pre-development phase, will harness the power of offshore wind turbines to generate 475 megawatts (MW) of clean energy, enough to power an estimated 400,000 homes and businesses in Quezon Province and beyond. The wind farm will be strategically located off the coast of Lucena City and Sariaya, spanning a 6,237-hectare area with an average water depth of 35.5 meters.
Data gathered from a meteorological mast installed in March 2023 indicates an average wind speed of 7.7 m/s at the site, confirming its suitability for wind energy generation. This initiative aligns with the Department of Energy's (DOE) goal to increase the share of renewable energy in the country's power generation mix to 35% by 2030 and 50% by 2040.
The Lucena Wind Power Project is one of five offshore wind energy service contracts awarded to ACX3 by the DOE, highlighting its significance in achieving these national targets. The project's output is intended to be sold through the Green Energy Auction Program (GEAP), or alternatively, through Power Sales Agreements or the Wholesale Electricity Spot Market (WESM).
Local officials and residents have expressed enthusiasm for the project's potential to stimulate the local economy and create employment opportunities. The construction and operation of the wind farm are projected to generate approximately 1,000 jobs during peak construction.
In addition to boosting the local economy, these jobs will also contribute to the development of skilled labor in the renewable energy sector, equipping residents with valuable expertise and enhancing their long-term employment prospects. The project is expected to have a positive ripple effect on the local economy, supporting businesses and boosting overall economic activity in the region.
The Lucena Wind Power Project reflects the growing momentum of renewable energy development in the Philippines. With its abundant wind resources and supportive government policies, Quezon Province is well-positioned to become a leader in the country's shift towards a sustainable energy future.
NREI, the parent company of ACX3, brings extensive experience in developing and operating renewable energy projects across the Asia-Pacific region, further strengthening the project's prospects for success. NREI Philippines Project Director and ACX3 Capital Holdings Inc. President Nicolo Subido expressed gratitude for the BOI's support, stating their intention to embark on more projects with the BOI's assistance.
This landmark project represents a significant investment in Quezon Province's renewable energy sector, promising to create numerous jobs and stimulate economic activity. The wind farm will generate a substantial amount of clean energy, contributing significantly to the Philippines' renewable energy goals.
Furthermore, the project will help reduce carbon emissions and promote a cleaner environment. The BOI has been instrumental in fast-tracking this project by coordinating with government agencies and local government units to ensure the efficient issuance of permits and licenses.
This proactive approach reinforces the Philippines' commitment to attracting strategic investments and fostering a supportive environment for renewable energy projects. BOI Investment Assistance Service Director Ernesto Delos Reyes Jr. emphasized the BOI’s unwavering support for the project, assuring NREI that the BOI will be with them every step of the way.
The Lucena Wind Power Project exemplifies how renewable energy can drive sustainable development and economic growth in the Philippines, setting a precedent for other regions to follow in the pursuit of a cleaner, more sustainable energy future. It also showcases the crucial role of public-private sector partnerships in achieving these goals and building a more sustainable future for the country.
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