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Manila Bulletin devider Business devider BOI approves first solar project for energy incentives

BOI approves first solar project for energy incentives

Published Sep 18, 2024 04:56 am

The Board of Investments (BOI) has approved the registration of Nakashin Davao International Inc.'s 519.2-kilowatt peak Solar PV Rooftop System project, the first renewable energy (RE) initiative to receive energy efficiency incentives.

With a projected budget of P26 million, the Solar PV Rooftop System will be installed at Nakashin Davao's food manufacturing facility, which exports agricultural products, including mangoes and pineapples, to Japan and the European Union.

The system, which falls under Tier I of the 2022 Strategic Investment Priority Plan (SIPP), aims to reduce energy consumption. 

Over its expected 25-year lifespan, it is expected to generate annual energy savings of 17.27 Gigawatt hours (GWh), which translates to a reduction of approximately 137,000 tons of CO2 emissions.

As part of the benefits of this registration, Nakashin will enjoy an income tax holiday (ITH) equivalent to 50 percent of its capital investment, a perk provided under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. 

The Department of Energy (DOE) has certified that Nakashin’s project meets all necessary standards for endorsement to the BOI, reinforcing its alignment with the Philippines’ sustainability objectives.

The adoption of renewable energy technologies, such as solar power, presents a viable solution for companies in the Philippines to drastically lower their electricity costs and redirect those savings toward business growth. 

Nakashin’s solar rooftop system is projected to diminish its reliance on grid electricity, offering a reliable and sustainable power source for its operations.

In addition to Nakashin’s project approval, the BOI has initiated a series of roadshows under the campaign "Make REshift Happen," designed to promote energy efficiency within industrial operations nationwide. 

These events, held in Lipa, Batangas, Clark, and Cagayan de Oro, aim to encourage businesses to embrace energy-efficient practices while capitalizing on available incentives.

During these roadshows, Director Raquel Echague of the BOI’s Resource-Based Industries Service (RBIS) presented guidelines for qualifying energy efficiency and conservation (EE&C) projects, detailing the range of benefits accessible under the CREATE Act. 

The BOI, via its Domestic Investments Promotion Service (DIPS), intends to broaden this initiative, focusing particularly on ecozones and industrial parks that host export-oriented manufacturers with high energy demands.

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