The Board of Investments (BOI) approved the application of Pilipinas Newton Energy Corp. to develop a P4.15-billion solar energy project in Pangasinan.
In a statement on Wednesday, BOI said the company qualified for fiscal and nonfiscal incentives under the Investment Priorities Plan, including a four- to six-year income tax holiday.
BOI said the project would be constructed on a 70-hectare land in San Manuel, Pangasinan. The project, set for commercial operations in June next year, would use fixed photovoltaic modules for the generation of electricity with a peak capacity of up to 68.7 megawatts (MW).
The power generated will then be sold to distribution utilities or National Grid Corp. of the Phils. via bilateral agreements or through the Wholesale Electricity Spot Market.
“The demand for power will continue to increase due to the ongoing industrialization in the country as it fuels the infrastructure expansion and the growth of the manufacturing industry. At the same time, we are already transitioning towards using more renewable energy in response to climate change as part of our National Renewable Energy Program (NREP),” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
The NREP aims to accelerate the exploration and development of renewable energy resources to achieve energy self-reliance. It seeks to increase the renewable energy capacity of the country to an estimated 15,304 MW by the year 2030, almost triple the 2010 level.