BOI gives green light for 11 RE investments

The Board of Investments (BOI) has given the go signal for the green lane processing of 16 strategic investment projects amounting to P336.3 billion as of the end of October.

In a report by the Philippine Star, the majority of the approved projects, 11 in total, are concentrated within the renewable energy (RE) sector, which comprises solar-based ventures.

Among these approved ventures are SunAsia Energy Inc.’s 1,300-megawatt (MW) floating solar project in Laguna de Bay, estimated to be at Php 66 billion, and NKS Solar One Inc.’s 250-MW floating solar project situated in Caliraya, Laguna, which is valued at Php 14.9 billion. 

Additionally, other solar initiatives include Laguna Wind Energy Corporation’s Kalayaan 2 wind power project at Php 10.85 billion, Ubay Solar Corporation’s solar power plant costing Php 5.293 billion, Magallanes Solar Energy Corporation’s Baratoc Viejo solar power project at Php 5.293 billion and Intramuros Solar Energy Corporation’s Gamu Solar power plant at Php 2.591 billion. 

These initiatives also encompass several projects by ACEN Corporation based around Laguna Lake, covering floating solar power plants with capacities ranging from 140 to 280 megawatts: SolarAce4 Energy Corporation’s 140-megawatt peak (MWp) floating solar power plant at Php 6.25 billion, AC Subic Solar Inc.’s 280 MWp Floating Solar Power Plant at Php 12.494 billion, Ingrid2Power Corporation’s 140 MWp floating solar power plant at Php 6.25 billion, GigawWind1 Inc.’s 280 MWp Floating Solar Power Plant at Php 12 billion, AC Laguna Solar Inc.’s 280 MWp floating Solar Power Plant at Php 10.946 billion.

In July, the government initiated green lanes for strategic investments following the issuance of Executive Order 18 (EO 18) in February.

Trade Secretary Alfredo Pascual stressed the importance of these green lanes in eliminating barriers across various regulatory agencies that slow down entry and delay foreign direct investments.