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Sat, Nov 18 2017

BoI approves incentives for renewable energy projects

THE Board of Investments on Friday approved tax incentives for nine renewable energy projects worth P26.7 billion under the Investments Priorities Plan 2017. In a statement released by the Department of Trade and Industry’s investments promotions arm, five companies — whose expansion projects are seen to supply energy to far-flung areas — are slated to receive tax incentives. Of all these nine projects, only one project was in Metro Manila. At present, renewable energy plants supply 7,083 megawatts (MW) across the country, only 32.5% of total capacity, according to the Department of Energy. Hydro Power Plant take the lead among renewable energy with 3,637 MW, followed by geothermal with 1,906. solar power plants only contribute 843 MW.

Among these projects are Global Business Power Corp.’s P3.5-billion Siguil Hydro Power Project in Sarangani which is expected to produce 15.1 MW once it opens in August 2020; Ecopark Energy of Valenzuela Corp.’s P234.5-million solar Power Plant to produce 4.7 megawatts; and Repower Energy Development Corp.’s P1.55-billion Katipunan River Mini-hydroPower Plant in Bukidnon, which is slated to product 6.2 MW. Repower will also have another plant in Bukidnon by the P2.1 billion Pulangui IV facility which will produce 10 MW once it starts operations in April 2019 along with the Katipunan River. Valenzuela’s Power Plant, however, will open earlier, targeted by April 2018. Ormoc solar energy Corp. and Nuevo solar energy Corp. also availed of the tax incentives for two projects each.

Ormoc Solar got incentives for its P6.6-billion Naic Solaw Power Plant with an expected capacity of 100.8 MW and another 126 MW solar facility in Pagbilao, Quezon worth P8.25 billion, while Nuevo Solar will be putting up a P1.7-billion solar plant in Lumban, Laguna, eyeing to produce 40.3 MW, and a second 5.2 MW plant in Calauan, Laguna worth P1.7 billion. The Naic Solar Power Plant will be opening on January 2019 while Ormoc Solar’s projects will open in July in that same year. Lumban solar power is seen to start operations in April 2019 and the second plant is expected to open three months later. The projects are expected to boost the government’s renewable energy Roadmap 2017-2040, which targets to have at least 20,000 megawatts installed in the Philippines by 2040. — A.G.A. Mogato