LARGEST SOLAR PROJECT. Meralco chairman and CEO Manny Pangilinan (2nd from left) and Board of Investments (BOI) Chair and Commerce Undersecretary Ceferino Rodolfo (2nd from proper) attend the Inexperienced Lane Certificates Awarding of the three,500-MW Terra Photo voltaic Challenge on the Meralco Enterprise Middle Lopez Constructing, Ortigas Ave, Quezon Metropolis on Aug. 5, 2024. Becoming a member of them have been MGen president and CEO Emmanuel Rubio (left) and BOI Governor Marjorie Ramos-Samaniego (proper). (Courtesy of BOI)
MANILA, Philippines – The Board of Investments (BOI) has granted a inexperienced lane certificates to a solar energy undertaking claimed to be the world’s largest being undertaken by one of many firms of enterprise mogul Manuel Pangilinan.
In an announcement Tuesday, the BOI stated it awarded the certificates of inexperienced lane endorsement to Terra Photo voltaic Philippines, Inc. (TSPI) final Aug. 5 for its 3,500-megawatt Terra Photo voltaic undertaking with a 4,500-megawatt hour battery vitality storage system (BESS).
The corporate claims to be the most important solar energy undertaking on the earth that spans throughout 3,500 hectares of land in two provinces —Bulacan and Nueva Ecija.
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The inexperienced lane certificates was obtained by Pangilinan and Meralco PowerGen Firm (MGen) president and chief govt officer Emmanuel Rubio.
TSPI is a subsidiary of SP New Power Company (SPNEC) —chaired by Pangilinan— and MGen Renewable Power, Inc. (MGreen), the renewable vitality arm of MGen —a unit of Pangilinan-led Manila Electrical Firm (Meralco).
The undertaking is already registered with the BOI in July, with an funding worth of P185.28 billion and is anticipated to create 4,165 jobs.
“The essential goal of the Philippines now underneath this administration isn’t just to develop —we’re already the fastest-growing financial system within the area— however extra importantly to rework the Philippine financial system into a sensible and sustainable hub for manufacturing and providers, and precisely supporting that might be the sectors and industries that you’re investing in,” BOI Undersecretary Ceferino Rodolfo stated.
The undertaking additionally obtained a Certificates of Power Challenge of Nationwide Significance from the Division of Power final July 23, as any nationwide vitality undertaking with a capital exceeding US$59 million is deemed important.
The corporate stated the federal government’s inexperienced lane initiatives may assist it obtain its timeline for the undertaking to start out business operations for the primary part by February 2026 and the second part a yr after.
“Having the inexperienced lane certificates is a testomony to our dedication to excellence, innovation, and environmental stewardship. It’s additionally a recognition of our collective efforts to prioritize and quick monitor initiatives that may speed up the nation’s low carbon transition —and this one is anticipated to ship by February 2026,” Rubio stated.
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In February 2023, President Ferdinand Marcos Jr. signed Government Order 18, establishing the One-Cease Motion Middle for Strategic Investments throughout the BOI. This heart goals to expedite the processing of permits and licenses for strategic investments —these with important financial affect—throughout related nationwide authorities companies and native authorities models.
