The Board of Investments (BOI) is keeping tabs on the rush of investments in the renewable energy (RE) sector, amounting to Php 2 trillion.
In a report by the Philippine Star, BOI Executive Director Ma. Corazon Halili-Dichosa iterated that the board had accumulated 331 investment leads, most came from renewables, summing up to Php 2.06 trillion.
In 2023, the BOI approved projects totaling approximately Php 1.26 trillion, reflecting a 73% increase compared to the previous year’s figure of about Php 729.1 billion.
The RE and power sectors secured the largest share last year at Php 987.12 billion. This striked an impressive 141% surge from the Php 409.02 billion recorded in 2022.
Earlier, the board had endorsed a multitude of projects in the sector for green lane processing, including two wind projects in offshore Negros Occidental and Iloilo province, worth a combined Php 221.6 billion, developed by Triconti Windkraft and Sea Wind Holdings AG.
Additionally, Burgos Pangasinan Solar Energy Corporation (BPSEC) received a green lane certificate for its Php 2.7 billion solar power project situated in Burgos, Pangasinan.
Four geothermal energy projects from the Pan Pacific Power Phils. Corporation (PPPPC) and the Philippine Geothermal Production Co. Inc. (PGPC) also received a green lane certificate.
For PGPC, these projects include the 105 MW Mt. Labo Geothermal Power Project in Quezon, Camarines Norte and Camarines Sur, the 51 MW Daklan Geothermal Power Project in Benguet, and the 50 MW Mt. Malinao Power Project in Camarines Sur and Albay.
The BOI pointed out the importance of establishing the green lane certification, saying that streamlining energy investments could help address the issues and apprehension in the industry.