MANILA: The Board of Investments (BOI) has granted a certificate of green lane endorsement to Freya Renewables, Inc. for its PHP7.5-billion Daanbantayan solar power project in Cebu.
In a statement Friday, the BOI said it awarded the green lane certificate for renewable energy in Daanbantayan with a capacity of 150 megawatts (MW).
The project is a joint venture between Spanish firm Acciona Energia and the province of Cebu.
‘The project aims to significantly reduce electricity costs in Cebu, demonstrating a critical stride towards energy sustainability in a region that has historically lagged behind in renewable energy developments compared to more urbanized areas like Metro Manila,’ the BOI said.
Situated on 187 hectares of land, the solar project is located less than a kilometer from the substation of the National Grid Corporation of the Philippines in Talisay.
‘This project not only aligns with the Philippines’ broader renewable initiatives but also sets a benchmark for future energy projects in the reg
ion, promising substantial environmental and economic benefits,’ the BOI added.
Currently, Freya has more than 400 MW of clean energy projects in the country.
The green lane certificate is awarded by BOI’s One-Stop Action Center for Strategic Investments. It endorses faster processing and issuance of permits and licenses for strategic energy investments in concerned national government agencies (NGAs) and local government units (LGUs).
Executive Order No. 18 was signed last year by President Ferdinand R. Marcos Jr. directing NGAs and LGUs to expedite the processing of permits and licenses of projects with big economic impact.
Source: Philippines News Agency