P74B in RE projects get green lane certifications

TWO renewable energy (RE) projects worth P74 billion have been granted green-lane access, the Board of Investments (BOI) announced.

The Lucena Wind Power Project and Bacolod Solar Power Plant Project, both initiatives of Singapore-based Nexif Ratch Energy Investments Pte. Ltd. (NREI), received green-lane certificates of endorsement from the DTI-BOI’s One-Stop Action Center for Strategic Investments (OSAC-SI), as mandated by Executive Order (EO) 18.

The P67-billion Lucena Wind Power Project, owned by ACX3 Capital Holdings Inc. (ACX3), a Philippine subsidiary of NREI, is in its pre-development stage. Once operational, it will generate 475 megawatts (MW) of clean energy through its offshore wind turbines in Lucena City and Sariaya, Quezon province. It is one of ACX3’s five offshore wind energy service contracts awarded by the Department of Energy (DOE).The project’s power output will be sold through the Green Energy Auction Program (GEAP) or, alternatively, through a Power Sales Agreement or the Wholesale Electricity Spot Market (WESM), the BOI said.

Meanwhile, the P6.9-billion Bacolod Solar Power Project, owned by another NREI subsidiary, Negros PH Solar Inc., will produce 150 MW of solar energy in Bacolod City and Bago City, Negros Occidental Construction started in October 2024 and will be ready to operate by the last quarter of 2025. A significant portion of the solar project’s output will be contracted through a Power Supply Agreement with AP Renewables and Adventenergy Inc., while the remaining capacity will be sold through the WESM. The plant is expected to operate for 30 years.

NREI Philippines project director and ACX3 Capital Holdings Inc. president Nicolo Subido said they plan to venture into more power projects with BOI’s streamlined assistance.The Luzon Wind and Bacolod Solar Power projects will strengthen the Philippines’ renewable energy sector and contribute to the DOE’s target of 50 percent renewable energy in the generation mix by 2040.

The BOI said that, through the OSAC-SI, it “has been instrumental in fast-tracking these projects, aligning with the government’s investment and sustainability priorities,” the investments promotion agency said, reaffirming its commitment to driving economic growth, reducing carbon emissions, and enhancing the Philippines’ energy security.”