MANILA – The Board of Investments has granted a green lane certificate to
a P12.4-billion solar power project in Pampanga to fast track its development.
In a statement on Feb. 3, the BOI said the One-Stop Action Center for Strategic Investments (OSAC-SI) awarded the certification to the Sapang Balen Solar Sustainable Energy Corp. (SBSSEC) on Jan. 22.
A development company of Tigon Power Corp. formed in 2021, SBSSEC is a special purpose vehicle duly registered with the Securities and Exchange Commission, specifically created to develop the solar power project, the BOI said.
Straddling Mabalacat City and Magalang town, the project is a ground-based solar power facility covering a total area of 405.52 hectares with a planned installed capacity of 301.580 megawatts direct current (246.604 MW alternating current).
“Currently, Tigon Power has a total project capacity of almost 1 GWp, highlighting its commitment to sustainable power generation in the country,” the BOI said.
The Pampanga project is also expected to generate up to 5,000 direct and indirect employment opportunities during its stages of construction, commissioning, operations, and maintenance, furthered the BOI.
Green lane scheme
As of Jan. 17, OSAC-SI has granted green lane certificates to 179 strategic investments amounting to P4.55 trillion. Of these, 144 are RE projects worth P4.15 trillion, comprising 80.45% of the certified projects.
According to BOI, investment in RE projects increased after the government allowed full foreign ownership in the sector, which was previously capped at 40%.
Created through Executive Order No. 18 in February 2023, the green lane scheme aims to expedite, streamline and automate government approval and registration processes for projects that are deemed as strategic investments. Punto News Team/From media reports
