THE Board of Investments (BoI) said on Wednesday that it endorsed ACEN Corp.’s solar project in Zambales for green lane treatment, the eighth company project to be granted expedited permit processing.
In a statement, the investment promotion agency said it endorsed ACEN’s SanMar Solar project to the BoI One-Stop Action Center for Strategic Investments, citing the need to boost clean-energy capacity.
Expected to generate up to 587 megawatt peak of solar energy, SanMar will be developed by ACEN subsidiary Santa Cruz Solar Energy, Inc.
SanMar Solar will be developed in three phases, with the first two phases targeted for commercial operations within the third quarter and the third phase expected for completion by the last quarter next year.
The construction of the project is expected to employ 2,000 workers, while the project’s first and second phases will generate 3,600 jobs.
The BoI did not disclose the investment involved in the project. In a disclosure in July, ACEN announced a P1.92-billion loan to Santa Cruz Solar Energy to fund the third phase of the solar project.
“We are deeply grateful for the BoI’s green lane endorsement, which will significantly expedite the processes and requirements for SanMar Solar and enable us to meet our project timeline,” Anabele R. Natividad, senior vice-president for development at ACEN, said.
“This support reinforces our commitment to ongoing collaboration with the government to accelerate the nation’s transition to renewable energy,” she added.
The government, through Executive Order No. 18, established “green lanes” in all government agencies to speed up the approval and registration process for priority investments.
As of August, 115 projects have been endorsed for green lane treatment, representing P3.2 trillion in investment.
Investment in renewable energy projects surged after the government allowed full foreign ownership in the industry, which was previously limited to 40%.
Ayala-controlled ACEN currently manages 4.8 gigawatts (GW) of attributable renewable energy capacity, both operational and under construction.
With a presence in Australia, Vietnam, India, Indonesia, Laos, and the US, the company’s domestic assets include 1,850 megawatts of solar, wind, and geothermal capacity.
“ACEN is committed to delivering clean, reliable, and affordable energy across the Asia-Pacific region. The company has set an ambitious target to increase its renewable energy capacity to 20 GW by 2030,” the BoI said. — Justine Irish D. Tabile