BOI approves 8 solar projects worth P86 B of one company

The Board of Investments (BOI) has approved the registration of eight solar projects of Solar Philippines Commercial Rooftop Projects, Inc. worth P85.96 billion.

In granting tax incentives to these projects, the BOI said the company has qualified under the Special Laws List of the current Investment Priorities Plan (IPP) through Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008.

This is also in line with the government’s push to use more renewable power and lessen dependence on fossil fuels under the National Renewable Energy Program (NREP) of the law.

Board of Investments (BOI) logo

Of these projects, Solar Philippines is building an P18.99- billion solar photovoltaic solar facility known as the Iba-Palauig 2 Solar Project in Paluig, Zambales.

Once operational, it will have a capacity of 140.64 megawatt peak (MWp for Direct Current capacity) or 140 MWac (for the Alternating Current capacity). Commercial operation is scheduled for February 2020.

The company is also constructing a P13.56-billion solar farm known as the Concepcion Tarlac 2 Solar Project in Tarlac City and municipality of Concepcion in Tarlac province with a capacity of 293.76MWp (200MWac).

Similarly, a P13.56-billion solar facility with the same power capacity will rise in Balayan and Calaca towns of Batangas and will be known as the Balayan Solar Power Project. Commercial operations for the Tarlac 2 and Balayan projects are scheduled to start on January 2019 and February 2020, respectively.

In Cavite province, Solar Philippines is putting up two solar facilities, the P8.64-billion Maragondon-Naic 1 Solar farm in a 168 hectare areas within the municipalities of Naic, Maragondon and Indang and the P8.64-billion Marangondon-Naic Tanza 2 Solar project within the 168-hectare area of Naic and Tanza. Each will have a capacity of 196MWp (140MWac).  Both are slated to be operational by October 2018.

Solar Philippines will also invest P8.6 billion in Sta. Rosa Nueva Ecija 2 Solar project is located in an area spanning 168 hectares within the towns of Sta. Rosa, Peñaranda and San Leonardo in the province of Nueva Ecija.  It will have a capacity of 193.536 MWp (or 140 MWac) and formal operation is penciled for a January 2020 start.

The province of Tarlac will soon have two solar facilities. Solar Philippines is putting up a P7.08-billion solar facility in the Sta. Rosa and Concepcion towns of Tarlac.  It is also constructing a P6.9-billion solar farm in the city of Tarlac and municipality of La Paz.  The Sta. Rosa-Concepcion project is slated to be operational by January 2019 while the Tarlac-Lapaz farm will be off and running by January 2020.

Power generated by these projects will be sold through the Wholesale Electricity Spot Market (WESM) at competitive prices.  Solar Philippines will tap 243 personnel to man all these facilities once operational.

Solar Philippines already operates the first Philippine-owned solar factory in Batangas, which started operations in March last year. The factory is expected to ramp up to 800 MW in its initial year with the goal of expanding up to 2,000 MW annually or up to 2.5 million panels in the coming years.

The firm is at the forefront of producing renewable and affordable energy to address the growing power requirements of the country with the manufacturing resurgence and infrastructure programs in full swing.  By taking advantage of the tropical climate of the archipelago, Solar Philippines is not only producing energy through its solar farms but also producing its own solar panels as it aims to become one of the world’s largest solar panel manufacturers and exporters,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.

BOI figures show power projects including renewable energy reached P268.2 billion last year, up 28 percent from P210 billion in 2016. It accounted for 43.5 percent of the P616.8 billion total investment approvals recorded by the BOI in 2017.

Reference:

Cahiles-Magkilat, B. (March 14, 2018). BOI approves 8 solar projects worth P86 B of one company. Manila Bulletin. Retrieved from https://business.mb.com.ph/2018/03/14/boi-approves-8-solar-projects-worth-p86-b-of-one-company/

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