Singapore-based Vena Group is strengthening its role in the Philippines’ ongoing transition to clean energy as it begins development of its two solar projects in Ilocos Norte valued at over ₱24 billion, according to the Board of Investments (BOI).

The BOI said the groundbreaking of the Astra Solar Power Project and the Opus Solar Project under the Vena Group, which have a combined investment of ₱24.30 billion, follows the swift processing of permits under the government’s green lane program.

Vena Group is investing ₱3.76 billion in the Astra Solar Power Project in Currimao town, which is expected to generate approximately 142 gigawatt-hours (GWh) of clean energy annually, supporting more than 120,000 households in the process.

Opus Solar Energy Corp., an affiliate of Vena Group’s Vena Energy, is spending a larger sum of ₱20.54 billion to develop the Opus Solar Power Project in Paoay town, which is poised to become one of the country’s largest utility-scale solar facilities.

The project is slated to generate 416.025 megawatts of clean energy, equivalent to a year’s worth of electricity consumption of around 445,000 households.

The two solar projects represent only 10 percent of Vena Group’s ₱240 billion worth of investments that have secured green lane certification from the BOI.

Embodied under Executive Order (EO) No. 18, the green lane program allows strategic projects to enjoy expedited processing of permits and licenses.

For Vena Group’s latest projects, the BOI said it worked closely with national and local government units and regulatory bodies to fast-track permitting, align inter-agency requirements, and address processing bottlenecks.

“These projects reflect the BOI’s continued efforts to translate approved investments to operational projects by accelerating coordination, improving regulatory responsiveness, and supporting investors from pre-development to implementation,” said BOI Investment Assistance Center Executive Director Bobby Fondevilla said

The BOI reported that it has already endorsed a total of ₱6.43 trillion worth of projects under the green lane program for the first quarter, with the renewable energy sector accounting for 77 percent of the total.

Earlier, Trade Secretary Cristina Roque said it is important to immediately implement these projects amid the ongoing energy crisis caused by the conflict in the Middle East.

“Accelerating their implementation is important to help address energy supply requirements, stabilize costs, and support continued economic activity,” Roque said. (Dexter Barro II)