THE Board of Investments (BoI) said on Tuesday that it awarded green lane certification to the P185-billion project of Terra Solar Philippines, Inc. (TSPI), which is expected to be the world’s largest solar farm.
In a statement, the BoI said that the certification covers TSPI’s 3,500-hectare Terra Solar project located across Nueva Ecija and Bulacan.
TSPI is a subsidiary of SP New Energy Corp. and MGen Renewable Energy, Inc., the renewable energy unit of Meralco PowerGen Co.
BoI Managing Head and Trade Undersecretary Ceferino S. Rodolfo said TSPI’s project will help in the Philippine transition to greener sources of power.
“The basic objective of the Philippines now under this administration is not just to grow — we are already the fastest-growing economy in the region — but more importantly, to transform the Philippine economy into a smart and sustainable hub for manufacturing and services,” he said.
The Solar PV (photovoltaic) and battery energy storage system project will be executed in two phases, with the first phase expected to supply 600 megawatts (MW) of output and the second phase adding 250 MW.
It was awarded an 850-MW Mid-Merit Power Supply Agreement from Manila Electric Co. (Meralco), under which it is required, upon completion, to supply 850MW of power.
MGen President and Chief Executive Officer Emmanuel V. Rubio expects the endorsement to fast-track projects that will accelerate the Philippines’ low-carbon transition.
“Having the green lane certificate is a testament to our commitment to excellence, innovation, and environmental stewardship,” Mr. Rubio said.
TSPI targets commercial launch for the first phase of the project by February 2026, with the second phase set to launch by February 2027.
Late last month, the company reported that the project is 56% complete.
The project last month was also certified by the Department of Energy as an Energy Project of National Significance, which is given to projects with capital investment exceeding $59 million.
Executive Order (EO) No. 18 established the “green lane” system in all government agencies to speed up the approval and registration process for priority or strategic investments.
The BoI said 102 projects involving investment worth P3 trillion have been endorsed by the BoI’s One-Stop Action Center for Strategic Investments.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile
