The Board of Investments approved four renewable energy projects worth a total of P35 billion, saying these would help in meeting the government’s power requirements for its infrastructure program.
Three of these projects were those of Currimao Solar Energy Corp., while the other project was that of VS Gripal Power Corp.
These renewable energy projects were qualified for registration under the Investment Priorities Plan (IPP) and for incentives listed in the Renewable Energy Act of 2008, which form part of the special laws in the IPP.
The IPP aims to attract investments in certain preferred business activities by enticing them with fiscal and nonfiscal perks such as a four-to-six year income tax holiday. In the case of renewable energy projects, incentives include an income tax holiday for the first seven years of commercial operations.
Currimao Solar’s projects are the P4.74-billion Talisay wind power project in Camarines Norte, the P14.6-billion Talim wind power project in Rizal and the P15.3-billion Calatagan wind power project in Batangas.
VS Gripal Power Corp., on the other hand, is pursuing a P777-million biomass power plant in Nueva Ecija.
“Since the ongoing infrastructure program involves construction and modernization of airports, building of more roads, railroads and transport networks all over the country, demand for power continues to go up,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo in a statement.
“In the long run, additional power is also needed to usher the growth of other industries as they undergo their own expansion and modernization,” he added.
Currimao’s 50.4 megawatt (MW) Talisay Wind Power Project is being developed in a 162 hectare-area in Camarines Norte, BOI said. With operations expected to start in September 2019, it will have 14 wind turbines, each with a capacity of 3.6 MW.
The Talim and Calatagan Wind Power projects have a capacity of 151.2 MW each.
These projects are expected to be operational by September 2020. Both sites will have 42 wind turbines each and each of those turbines also comes with a capacity of 3.6 MW.
The Talim and Calatagan project would have 23 workers. The Talisay project would employ 10 people.
The VS Gripal project involves the development, construction and operation of a 6 megawatt (MW) biomass power plant in Nueva Ecija. The plant, which will begin commercial operations in December 2019, will generate electricity using rice husk as feedstock, BOI said. It would employ 25 people.