Business Mirror
Published on Thursday, 11 April 2013 20:43 Written by Jennifer A. Ng / Reporter
The Board of Investments (BOI) has approved the grant of fiscal incentives for Philnewenergy’s P3.33-billion solar-power project in Santa Cruz, Davao del Sur.
This, after the attached agency of the Department of Trade and Industry gave the green light to Philnewenergy’s application as a renewable-energy (RE) developer of solar-energy resources.
The company will install a solar photovoltaic power plant in the town of Darang, which will start commercial operations by March 2015; it is expected to employ 93 personnel.
The power plant is made up of arrays of photovoltaic (PV) modules that use the “photoelectric effect” to generate electricity on exposure to sunlight. The proposed plant does not require any fuel or consume any raw materials to produce electricity.
Once operational, the power plant will alleviate the pressing power needs of Mindanao. The BOI said Philnewenergy would augment the current supply of energy in the region by an additional 35 megawatts (MW) annually.
The BOI said the increasing use of renewable energy is an essential part of the government’s strategy for sustaining the energy supply of the country.
As the government veers away from its dependence on imported fossil fuels, it aims to triple its existing RE capacity of 5,438 MW to 15,304 MW by 2030 as part of the National Renewable Energy program and in line with the vision of the Philippine Energy Plan (PEP) 2012-2030.
RE sources such as solar, hydro, wind and biomass are now being used on a wider scale as part of the government’s electrification efforts in the countryside. The government aims to install at least 285 MW of solar energy by the end of 2030.
With the rising industry power demand due to rapid industrialization brought by a robust economy, the BOI said the government was redoubling its efforts by shifting to a “market-based atmosphere” that would entice investors to put up more RE projects in the long term.
The development of renewable energy is one of the priority areas of the Investment Priorities Plan (IPP). The BOI spearheads the interagency efforts to annually craft and review the IPP. source
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