By Othel V. Campos
The Board of Investments (BOI) endorsed for green lane processing the P7.5-billion Daanbantayan Solar Power Project developed by Freya Renewables Inc.
“The Daanbantayan Solar Power Project represents a monumental leap forward for Cebu’s renewable energy capacity. This P7.5-billion investment will not only create jobs and stimulate economic growth, but will also significantly reduce electricity costs for Cebuanos while mitigating the environmental impact of traditional energy sources,” said BOI governor Marjorie Ramos-Samaniego.
The project, near the National Grid Corporation of The Philippines (NGCP) Talisay substation, will harness Cebu’s abundant sunlight to generate 150 megawatts of clean, sustainable electricity.
The facility is expected to reduce carbon emissions substantially, contributing to a cleaner and healthier environment for future generations.
“This project underscores our commitment to providing affordable, reliable, and sustainable energy solutions to the Philippines. We are confident that the Daanbantayan Solar Power Project will serve as a beacon for future renewable energy initiatives in the region,” said Freya Renewables country manager Fermin Alvarez.
The project is a joint venture between Acciona Energia and the province of Cebu, as it also aligns seamlessly with the country’s broader renewable energy goals and establishes a benchmark for future energy projects.
The BOI’s green lane initiative, coupled with potential tax incentives under the CREATE Act, will enhance the project’s financial viability and expedite its implementation.
Freya Renewables is the main subsidiary of global leader in renewable energy Acciona Energia in the Philippines and has been involved in the development of more than 400 MW of clean energy.
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