The Board of Investments (BOI) granted Nexif Ratch Energy Investments Pte. Ltd. (NREI) a certificate of endorsement for green lane registration of its P3.7-billion Calabanga solar power project and P60-billion wind project in Camarines Sur on June 11, 2024
The endorsement supports NREI’s subsidiaries Calabanga Renewable Energy (CARE) Inc. and ACX3 Capital Holdings Inc. (ACX3), in developing solar and wind power projects in Bicol region.
“We are thrilled to support the Philippines Development Plan on the Green Lanes for Strategic Investments initiatives. By leveraging our expertise in renewable energy and the support of the BOI, we can make significant progress toward a more sustainable future for the Philippines,” said Nexif Ratch Energy co-founder and director Matthew Bartley.
Established in 2011, NREI is a joint venture between Singapore-based Nexif Energy and Thailand-based Ratch Group. The company specializes in developing, financing, building, acquiring and maintaining conventional and renewable power facilities.
The Calabanga solar project in Calabanga, Camarines Sur is designed to generate 74.131 MWp/51.555 MW. Construction began in June 2023.
Meanwhile, ACX3 Capital Holdings is undertaking the San Miguel Bay wind power project, a 500-megawatt offshore wind energy venture in the municipalities of Calabanga, Tinambac and Siruma.
The project, in its pre-development stage, aims to reduce the country’s carbon emissions. Construction is scheduled to begin in the first quarter of 2026, with target commercial operations expected by 2028.
The project’s output will be auctioned through the DOE’s Green Energy Auction Program (GEAP), with alternative plans to sell electricity through a power sales agreement or the Wholesale Electricity Spot Market (WESM).
BOI managing director Ceferino Rodolfo said the increasing number of green lane projects contributes to the attainment of the Department of Trade and Industry’s investment forecast of P1.5 trillion for 2024.
“We are optimistic to reach our self-proclaimed investment target this year,” he said.