August 14, 2024 | 12:00am
MANILA, Philippines — Terra Solar Philippines Inc. (TSPI) has secured green lane certification from the Board of Investments (BOI) for its P185 billion solar project in Nueva Ecija and Bulacan.
In a statement, the BOI said the green lane certification for TSPI’s solar project was awarded on Aug. 5.
BOI managing head and Trade Undersecretary Ceferino Rodolfo said the project has also been approved for registration under the investment promotion agency.
TSPI is a subsidiary of SP New Energy Corp. and MGen Renewable Energy Inc. (MGreen), the renewable energy unit of Meralco PowerGen Corp. (MGen).
The green lane certification will allow the project to enjoy streamlined and expedited approval and processing for permits.
Spanning 3,500 hectares across Nueva Ecija and Bulacan, the project is set to become the world’s largest solar project and revolutionize the country’s renewable energy sector.
Through the project that will be implemented in two phases, the aim is to generate 3,500 megawatts of solar power with a 4,500-megawatt-hour battery energy storage system.
The target commercial operations date for the first phase is February 2026, while the second phase is scheduled to commence operations by February 2027.
Rodolfo said TSPI’s project supports the transformation of the country’s economy.
“The basic objective of the Philippines now under this administration is not just to grow – we are already the fastest-growing economy in the region – but more importantly to transform the Philippine economy into a smart and sustainable hub for manufacturing and services and exactly supporting that would be the sectors and industries that you are investing in,” Rodolfo said.
Last July 23, TSPI’s project also received a certificate of energy project of national significance from the Department of Energy.
A national energy project is deemed significant when its capital investment exceeds $59 million and contributes to the economic growth of the country by improving energy access and supply security.
“Having the green lane certificate is a testament to our commitment to excellence, innovation and environmental stewardship. It’s also a recognition of our collective efforts to prioritize and fast track projects that will accelerate the country’s low carbon transition – and this one is expected to deliver by February 2026,” MGen president and CEO Emmanuel Rubio said.
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