September 20, 2024 | 12:00am
MANILA, Philippines — The Board of Investments (BOI) has approved the registration of Nakashin Davao International Inc.’s P26-million solar rooftop system, making it the first renewable energy (RE) project to qualify for energy efficiency and conservation incentives.
In a statement, the BOI said it gave the green light to the registration of Nakashin’s 519.2-kWp solar PV rooftop system project.
This is the first RE project approved for energy efficiency incentives under Republic Act 11285 or the Energy Efficiency and Conservation (EE&C) Act.
Enacted in 2019, the EE&C Act encourages the development of energy-efficient technologies to optimize the use of the nation’s energy resources.
Through RE technologies like solar, companies can significantly reduce their electricity costs and use the savings to expand operations and support the country’s economic growth.
Nakashin’s solar rooftop system will be installed at its food manufacturing facility in Davao.
Nakashin, a BOI-registered firm, is engaged in the export of agricultural and aquatic products such as mangoes and pineapples to Japan and the European Union.
The firm’s solar PV rooftop system is expected to deliver annual energy savings of 17.27 GWh, leading to a total reduction of 137,000 tons of carbon dioxide emissions.
With the approval of the registration, Nakashin can enjoy income tax holiday equivalent to 50 percent of its capital investment – a benefit covered by the Corporate Recovery and Tax Incentives for Enterprises Act.
In addition to Nakashin’s approval, the BOI recently launched roadshows in Batangas, Clark and Cagayan de Oro to encourage businesses to adopt energy-efficient practices and enjoy available incentives.
The BOI plans to expand its roadshows by focusing on businesses in ecozones and industrial parks, particularly export-oriented manufacturers with high energy requirements.
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