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Wednesday, July 24, 2024

Terra Solar applies for BOI registration as RE developer

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Terra Solar Philippines Inc., operating under the name Terra Solar, applied for registration with the Board of Investments (BOI) as a renewable energy developer of solar energy resources.

The company is proposing the development of a large-scale solar energy project with a capacity of 3,500 megawatts (MW) and an energy storage capacity of 4,500 megawatt-hours (MWh).

The project will be located in Gapan City, General Tinio and Peñaranda in Nueva Ecija as well as San Miguel and Doña Remedios Trinidad in Bulacan.

Terra Solar is seeking to avail of the incentives provided under the Renewable Energy Act of 2008 (R.A. No. 9513) upon registration with the BOI.

The BOI emphasized that incentives under the law aim to promote the development of renewable energy sources in the Philippines and reduce dependence on fossil fuels.

Terra Solar Philippines is owned by SP New Energy Corp. (SPNEC), which is now controlled by the MVP Group, through MGen Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco PowerGen Corp. after a series of acquisitions. Terra Solar is involved in developing large-scale solar projects in the Philippines, including what is reported to be the world’s largest solar project in Bulacan and Nueva Ecija.

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