The Board of Investments (BOI) and Nexif Ratch Energy Investments Pte. Ltd. (NREI) inaugurated the Bicol region’s first fully-operational green lane-certified Calabanga Solar Power Plant on Sept. 12, 2024.
As the region’s inaugural solar power plant, the project underscores the government’s commitment to accelerating renewable energy investments, the BOI said.
BOI Investment Assistance Center executive director Bobby Fondevilla emphasized the significance of initiatives like green lane in fostering transformative projects.
“This solar power plant is more than just a shift from traditional energy sources. It will lower carbon emissions, reduce energy costs, promote renewable energy, attract tourism, and create jobs while fostering innovation,” he said.
Developed by Calabanga Renewable Energy (CARE) Inc., a subsidiary of Singapore-based NREI, the facility in Camarines Sur supports 2,000 jobs and reduces 36,000 metric tons of greenhouse gas emissions annually, equivalent to replacing a coal plant of similar capacity.
With more than 137,000 solar panels, the plant will generate 74 megawatts at peak of clean energy, enough to power about 46,000 homes each year for the next three decades.
The plant was awarded a green lane certificate under Executive Order No. 18 in June 2024, allowing it to benefit from expedited regulatory approvals, including the Energy Regulatory Commission’s certificate of compliance and provisional authority to operate.
The efficient process highlights the BOI’s crucial role in enabling timely and impactful investments that further the country’s renewable energy agenda.
Calabanga Solar Power Plant is part of a wider portfolio of renewable energy projects led by NREI, which also received green lane certificates for the Bacolod Solar Power Project and two offshore wind projects: the San Miguel Bay Wind Power Project and the Lucena Wind Power Project.
NREI’s efforts align with the Philippine Renewable Energy Plan, which targets 35 percent renewable energy in the electricity mix by 2030 and 50 percent by 2040.
