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Manila Bulletin devider Business devider Trade & Industry devider BOI grants green lane status to RE project in Cebu

BOI grants green lane status to RE project in Cebu

Published Aug 9, 2024 01:19 am

The Board of Investments (BOI) has endorsed the green lane processing for the P7.5 billion renewable energy project by Freya Renewables Inc. in Talisay City, Cebu.

In a statement, BOI Executive Director Bobby G. Fondevilla announced the issuance of a green lane certificate to Freya Renewables for its 150-megawatt Daanbantayan solar power project.

This power facility, developed through a joint venture between Acciona Energia and the Province of Cebu, is located near the Talisay substation of the National Grid Corporation of the Philippines (NGCP).

BOI said the facility covers a 187-hectare site spread across 45 lots.

“The project aims to significantly reduce electricity costs in Cebu, demonstrating a critical stride towards energy sustainability in a region that has historically lagged behind in renewable energy developments compared to more urbanized areas like Metro Manila,” BOI said.

“This project not only aligns with the Philippines’ broader renewable initiatives but also sets a benchmark for future energy projects in the region, promising substantial environmental and economic benefits,” it added.

Fermin Alvarez, Freya Renewables country manager, said the green lane certification would help expedite remaining regulatory processes.

BOI Director Ernesto C. Delos Reyes Jr., meanwhile, said that Freya Renewables’ project could be eligible for tax incentives as per the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

These incentives, such as potential income tax exemptions for a specific duration, would significantly improve the project's financial feasibility.

Freya Renewables has developed more than 400MW of clean energy and is a primary subsidiary of Acciona Energia in the Philippines.

Acciona Energia is the global leader in renewable energy operations. It has 13.5 GW of diverse renewable assets and has no legacy in fossil fuels. Currently, the company is working on over 30 GW of new projects.

Originally based in Spain, Acciona Energia has a presence in more than 25 countries. In 2023, they generated a total of 24.9 TWh of renewable energy, resulting in €3,547 million in revenue and €1,285 million in net profit.

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