The Board of Investments (BOI) said Tuesday it endorsed multiple renewable energy projects for green lane certification with combined investments of P244.25 billion.
The biggest among them is the Guimaras Strait Wind Power Project of Triconti Southwind Corp. and the Guimaras Strait II Wind Power Project of Jet Stream Windkraft Corp. with combined project cost of P221.6 billion.
Operating from offshore Negros Occidental and Iloilo province with total capacity of 1.2 gigawatt (GW), the two projects were among the first to be awarded offshore wind energy service contracts by the Department of Energy (DOE).
The projects are being undertaken in partnership with Sea Wind Holdings AG (Seawind), a Liechtenstein-based developer.
The BOI also endorsed the P7.58-billion Mt. Labo geothermal project under Philippine Geothermal Production Company Inc. (PGPC). The project straddles Camarines Sur and Camarines Norte with potential for 105 megawatts (MW) of geothermal power.
Adding to this is the P6.66-billion geothermal project in Daklan, Benguet which is expected to yield 51 MW of power. Meanwhile, the P5.03-billion Mt. Malinao project in Camarines Sur and Albay is estimated to have at least 50 MW of geothermal power.
PGPC is a subsidiary of SM Investments Corp., which operates the Tiwi and Mak-Ban Geothermal Steam Fields. The company and its predecessors ushered the birth of the Philippine geothermal industry in 1971.
The BOI also cleared Pan Pacific Power Phils. Corp.’s (PPPPC) P689.9-million geothermal exploration aimed at assessing the viability of geothermal potential of the municipalities of Lal-lo, Gonzaga and Sta. Ana in Cagayan province.
The seven-year exploration is under the Baua-Sikaw Geothermal Power Project of PPPPC. Initial estimates showed potential for 61 MW of geothermal energy.
The project is expected to generate more than 500 jobs. PPPPC said it was looking at new projects in the pipeline.
Meanwhile, the BOI’s One-Stop Action Center for Strategic Investments (OSACSI) recently assessed and approved the eligibility for green lane processing of the P2.7-billion solar power project of Burgos Pangasinan Solar Energy Corp. (BPSEC).
Seen operational by September 2026 as a ground-mounted solar power plant, the project is expected to produce an installed capacity of 65 MW peak (MWp) or 50 MW alternating current (MWac). The project to be built within a 75-hectare property in Burgos, Pangasinan will support 500 workers.
BPSEC is a special purpose vehicle established by Rising Renewables Holdings Inc. (RRHI), a dedicated Filipino renewable energy platform with a proven track record of developing high-quality renewable energy assets.
The BOI said all renewal power projects align with the DOE’s national target of achieving a 35-percent renewable energy share in the power generation mix by 2030.