BOI grants green lane status to two solar power projects

The Board of Investments (BOI) has granted green lane status to Upgrade Energy Philippines Inc.’s (UGEP) two solar power projects, in Capiz and in Zambales, worth more than P3 billion.

In a statement on Friday, the BOI said it awarded Green Lane Certificates of Endorsement to UGEP’s 56.771-megawatt Cabangan Solar Project in Zambales and the 47.001-MW Pontevedra Solar Power Project in Capiz with respective estimated project cost of P2.11 billion and P1.51 billion.

Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.

In February last year, President Ferdinand Marcos Jr. issued Executive Order 18 mandating the creation of green lanes as part of efforts for ease of doing business and promoting strategic investments.

Strategic investments are those that are aligned with the Philippine Development Plan or any similar national development plan and can be characterized by the significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country's balance of payments; with complex technical processes and engineering designs; and will improve the country's infrastructure capabilities.

The BOI said the Philippines is bolstering its efforts to facilitate renewable energy projects through EO No. 18.

The investment promotion agency said UGEP’s solar power projects are expected to generate up to 331 temporary and permanent direct job employment opportunities during the Projects’ construction and commissioning, followed by long-term roles in operations and maintenance over the 25-year project life.

The projects will also support infrastructure development and community growth with the additional tax revenue and investment in local businesses, it said.

“With the Board of Investment’s green lane facilitation, our projects will benefit from streamlined processing of permits and licenses, ensuring swift and efficient collaboration with national and local agencies. This endorsement not only validates our vision but also energizes our resolve to deliver a transformative renewable energy initiative that will power thousands of homes, reduce carbon emissions, and set a bold precedent for future green investments,” said UGEP president and CEO Ruth Yu-Owen.

UGEP is a leading project development, engineering, procurement, and construction (EPC) company specializing in renewable energy solutions. — BAP, GMA Integrated News