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The One-Stop Action Center for Strategic Investments (OSAC-SI) at the Board of Investments (BOI) has been diligently processing renewable energy (RE) projects that demand expedited documentation handling. This is made possible through the ‘green lane’ process, a streamlined procedure designed to accelerate the approval and development of strategic investments in the renewable energy sector.
At the recent Renewable Energy Forum organized by the Economic Journalists Association of the Philippines (EJAP) in collaboration with Aboitiz Power Corp., BOI Director Ernesto Delos Reyes Jr. shared a significant milestone. Of the 158 projects that received Green Lane endorsements, a substantial 128 were related to renewable energy initiatives, marking a significant shift towards sustainable energy in the Philippines.
Financial Highlights: Surpassing P3.91-Trillion Mark
These 128 RE projects, recognized as strategic investments from January to September, are a testament to the collective effort of local and international stakeholders. They collectively boast a remarkable total capital investment of PHP 3.91 trillion, with about PHP 1.29 trillion sourced from foreign equity.
In summary, the 158 green lane-certified projects cumulatively represent an investment of PHP 4.3 trillion. This includes six digital infrastructure projects valued at PHP PHP346 billion, 22 food security projects worth PHP 13.5 billion, and two manufacturing projects totaling PHP 29.61 billion.
Strategic Initiatives and Developments
Delos Reyes emphasized that many certified green lane projects are still in the pre-development phase due to the lengthy development periods typical of renewable energy projects. However, as of September 2024, the sector has seen significant progress with two projects successfully commencing commercial operations, a clear sign of success and progress in the RE sector.
Among these is the Cayanga-Bugallon Solar Project in Pangasinan, which has achieved ERC approval through the expedited green lane process. Additionally, the Calabanga Renewable Energy Project is operational, with permits fast-tracked thanks to its green lane endorsement.
Beyond the issuance of green lane certificates for substantial RE projects, the BOI has also implemented essential policies about RE investments during its first year of green lane operations. These policies encompass guidelines for programmatic Environmental Compliance Certificates (ECC) for floating solar projects in Laguna Lake, ECC protocols for offshore wind energy developments, and a regulatory framework for using irrigation facilities in hydropower projects. These policies aim to ensure the sustainable and responsible development of renewable energy projects in the Philippines.
Furthermore, the BOI has supported the Office of the Government Corporate Counsel regarding matters related to possessory rights for projects under the Laguna Lake Development Authority’s jurisdiction.
Source: RE projects dominate green lane investments at P3.91-T