July 20, 2022

Commodity Reporters Guild

Latest Investing Ideas & Tips from Pros. Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

BoI approves P2-billion solar power plant project in Naga

THE BOARD of Investments (BoI) has approved the registration application of PAVI Green Renewable Energy, Inc. for its P2-billion solar power plant project in Naga City, Camariñes Sur which is seen to help address the power demand in Luzon.

In a statement on Wednesday, the BoI said that the project is expected to begin commercial operations by February 2024.

“On the economic aspect, the project will generate 554 jobs during its construction and 21 jobs during its commercial operations. Homing in on innovative ways, the project will use the latest technology in the market through the use of monocrystalline solar panels and string inverters,” the BoI said.

“The project will contribute to the required capacity addition of 73,868 megawatts (MW) that is needed to meet the National Renewable Energy Program target of 81,485 MW for the total installed capacity by 2040 under the Clean Energy Scenario,” it added.

The solar power plant project was approved under Tier 1 based on the 2020 Investments Priorities Plan Listing “Special Laws” (Renewable Energy Act of 2008) of the 2022 Strategic Investment Priority Plan.

According to the BoI, the power demand in Luzon will continue to climb due to the country’s sustained economic growth.

“In 2020, based on the data from the Department of Energy, Luzon contributed 67.9% share of the total installed capacity. Further, in terms of power generation and consumption, Luzon recorded 71.2% and 72.2%, respectively,” the BoI said.

Meanwhile, the BoI said that the solar power plant project also helps the country’s objective of pursuing green projects, as it will release less greenhouse gas emissions into the atmosphere.

“As the Philippines is heading towards a greener and modern economy, projects like this one are consequential for the attainment of the economic goals of the country,” BoI Managing Head Ceferino S. Rodolfo said.

“Also, the solar power plant project of PAVI Green will play a crucial role in building up the capacity needed to sustain electricity demand in Luzon, ensuring an unhampered supply of power to consumers,” he added. — Revin Mikhael D. Ochave