3 weeks ago
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The Board of Investments (BOI) has awarded green lane certificates to Upgrade Energy Philippines Inc. (UGEP) to expedite regulatory approvals for its ₱3.62 billion solar power projects in Zambales and Capiz.
UGEP's Cabangan solar project in Zambales, with a capacity of 56.771 megawatts (MW), has an estimated cost of ₱2.11 billion.
Meanwhile, its Pontevedra solar power project in Capiz has a capacity of 47.001 MW, which is expected to cost ₱1.51 billion.
In a statement, the incentives-giving and investment-promoting BOI said these solar power projects could generate over 300 temporary and permanent direct jobs during the construction, commissioning, and subsequent operations and maintenance.
Once underway, the projects will also contribute to infrastructure development and community growth through additional tax revenue and investment in local businesses in nearby areas.
“With the BOI’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,” said UGEP President and Chief Executive Officer Ruth Yu-Owen.
“This endorsement not only validates our vision but also energizes our resolve to deliver a transformative renewable energy (RE) initiative that will power thousands of homes, reduce carbon emissions, and set a bold precedent for future green investments,” added Yu-Owen.
UGEP is an engineering, procurement, and construction company specializing in RE solutions.
The company strives to grow its portfolio of utility-scale RE projects to 500 MW by 2030, and commercial and industrial solar rooftop systems to more than 100 MW by 2028.
With the government’s commitment to expediting investments in the RE sector, the BOI’s One-Stop-Action-Center for Strategic Investments (OSAC-SI) has endorsed 149 projects to date, with a total project cost of ₱4.211 trillion.
OSAC-SI has committed to speed up the processing of permits and licenses of projects it endorsed to ensure the fast realization of RE investments in the country.
As outlined in Executive Order (EO) No. 18, the Marcos administration established the green lane certifications to enhance the ease of doing business for investments deemed vital to economic development.
