THE Board of Investments (BoI) has awarded a Green Lane Certificate for a renewable energy project amounting to P7.5 billion.

Freya Renewables Inc., a subsidiary of Spain-based Acciona Energia, received the service to streamline the approval process of its Daanbantayan Solar Power Project in Cebu. The company was also involved in the development of more than 400 megawatts (MW) of clean energy.

The 150-MW solar power facility is developed as a joint venture between Acciona Energia and the province of Cebu, which is seen to contribute significantly to the Philippines as it transitions toward clean energy. The project is set on a 187-hectare site spanning 45 lots.

"The project aims to significantly reduce electricity costs in Cebu, demonstrating a critical stride toward energy sustainability in a region that has historically lagged behind in renewable energy developments compared to more urbanized areas like Metro Manila," the BoI said on Friday.

Green Lane services, which was implemented under Executive Order 18 signed by President Ferdinand Marcos Jr. last year, allows simultaneous processing and endorsement of high-priority investments to relevant government agencies to ensure faster implementation.

The BoI reported that as of June 20, a total of 74 projects were approved worth P2.3 trillion for green lane services with majority under the renewable energy (RE) sector.

BoI Director Ernesto de los Reyes Jr. also outlined the benefits Freya Renewables Inc.'s project could receive as tax incentives under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act such as potential income tax exemptions for a certain period.

"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," the BoI said.

Country manager of Freya Renewables Fermin Alvarez, meanwhile, said that the Green Lane certification would be instrumental for handling the remaining regulatory processes.

Acciona Energia is one of the world's leading operators exclusively focused on renewable energy with projects in over 25 countries. In 2023, the company produced a total of 24.9 terawatt hours of renewable energy, generating 3,547 million euros in revenue and 1,285 million euros in net profit.