THE GOVERNMENT approved 11 renewable energy projects in June for green-lane status, entitling the project proponents to expedited approval processes, according to the Board of Investments (BoI).
The projects are valued at a combined P509.218 billion, including a P457-billion hydroelectric power project in the Cordillera region, it said.
The proposed 2,000-megawatts Maton Pumped Storage Hydroelectric Power Project of Pan Pacific Renewable Power Phils. Corp. in Apayao province involves the construction of reservoirs along the Maton River to serve as an energy storage facility.
The 11 renewable projects, which bring in $7.845 billion in foreign investment, are expected to generate 10,151 jobs.
In the first six months, 46 projects received green-lane status and were valued at P1.211 trillion.
Of the total, 35 involved renewable energy and eight focused on food security. There were two manufacturing projects and one digital infrastructure project.
“Renewable energy is driving the clean energy transition, while digital infrastructure, food security, and manufacturing support innovation, resilience, and inclusive growth,” BoI Director Ernesto C. delos Reyes, Jr. of the One-Stop Action Center for Strategic Investments said via Viber.
He said starting July, renewable energy projects will follow investment thresholds set by the Department of Energy’s Certificates of Energy Projects of National Significance program “to prioritize high-impact developments.” — Kyle Aristophere T. Atienza
