Some 117 projects in renewable energy (RE), valued at P3.74 trillion have obtained green lane processing, according to the Board of Investments (BOI).
In a statement, the BOI said 36 RE projects with an investment cost of P1.64 trillion have been registered with the agency.
This means the BOI has P2.1 trillion RE investments in the pipeline.
The RE projects are seen as vital to supporting the Philippines’ goals of increasing renewable energy capacity and reducing carbon emissions, said Ceferino Rodolfo, BOI managing head.
The BOI said RE projects accounted for 90 percent of the total strategic investments processed under green lane in terms of value and number of projects.
The BOI has so far certified a total of 126 projects P4.13 trillion since the approval of Executive Order No. 18 which constitutes green lanes for strategic investments, a key initiative aimed at expediting the approval of high-impact projects.
This month alone, 11 projects worth P895.76 billion were certified, including a P289- billion offshore wind power project in Ilocos Norte.
Among the notable RE projects to date are three offshore floating wind farms with over P600 billion in investment by Filipino-Danish firm BuhaWind Energy Philippines.
Two projects previously granted green lane certifications have now commenced operations. PV Sinag Power Inc., a subsidiary of Aboitiz Power, has begun commercial operations of its 94.717 MWp Cayanga-Bugallon Solar Power Project in Pangasinan.
Another project, Nexif Ratch Energy Investments Pte. Ltd., inaugurated its Calabanga solar power plant in Camarines Sur on September 12.
The Calabanga solar power project, operated by Calabanga Renewable Energy Inc., a P3.695 billion project, has started construction began in mid-2023.
The BOI said other sectors also seeing significant investments and approved for green lane processing include digital infrastructure, with P346.33 billion in six projects; food security, P4.14 billion, four projects and manufacturing, with P29.61 billion, two projects.
Out of the 126 certified projects, 43 have been registered with the BOI, representing P1.91 trillion in investments, while the remaining 83, worth P2.22 trillion, are in the pipeline for registration.
