THE Board of Investments (BoI) has endorsed for green lane service new solar and wind energy projects in Camarines Sur.
Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said the agency granted the certificate of green lane endorsement to Nexif Ratch Energy Investments (NREI) for two renewable energy (RE) projects with a total investment of almost P64 billion.
With the BoI's green lane endorsement, the processing of permits and licenses related to the projects should be fast-tracked by concerned national government agencies and local government units.
These are the Calabanga Solar Power Project that has a capacity of 74.13 megawatt peak (MWp)/51.55 MW valued at P3.69 billion. Its construction started in June 2023 in Calabanga, Camarines Sur and received its Certificate of Endorsement to the Energy Regulatory Commission from the Department of Energy (DoE).
The San Miguel Bay Wind Power Project, meanwhile, is an offshore wind energy venture with a planned capacity of 500 MW. The project aims to reduce the country's carbon emissions and will be operated by ACX3 Capital Holdings Inc.
The wind project located in the municipalities of Calabanga, Tinambac, and Siruma has investment of about P60 billion. Target construction is scheduled to begin in the first quarter of 2026 and target commercial operations are expected by 2028.
The BoI said that the output of the two projects will be auctioned through the DoE's Green Energy Auction Program, with alternative plans to sell electricity through a power sales agreement or the Wholesale Electricity Spot Market.
NREI is a joint venture between Singapore-based Nexif Energy and Thailand-based Ratch Group established in 2011. It specializes in developing, financing, building, acquiring and maintaining conventional and renewable power facilities.
The independent power producer's projects in the country align with the government's Renewable Energy Plan, which targets RE to contribute 35 percent to the country's energy production by 2030 and 50 percent by 2040.
"We are pleased to support the development of Calabanga Solar Power Project and San Miguel Bay Wind Power Project as it is a significant capital investment that will create consequential economic contribution and positive environmental impact for the Philippines," said Rodolfo.
Nexif Ratch Energy co-founder and Director Matthew Bartley said that by leveraging their expertise in renewable energy and the support of the BoI, significant progress will be made to attain a more sustainable future for the Philippines.
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