PAVI Green’s solar facility in Naga to get fiscal perks
The Board of Investments (BOI) has approved the application for registration of PAVI Green Renewable energy Inc.’s P2-billion power plant project in Naga as a new renewable energy developer of solar energy resources.
The firm’s project, which was approved under Tier I based on the 2020 Investment Priority Plan (IPP) Listing of the 2022 Strategic Investment Priority Plan (SIPP), is expected to start commercial operations in February 2024. “The demand for power in Luzon will continue to increase.
In 2020, based on the data from the Department of Energy (DOE), Luzon contributed 67.9 percent share of the total installed capacity,” the BOI said in a statement on Wednesday.
In terms of power generation and consumption, the attached agency of the Department of Trade and Industry noted that Luzon recorded 71.2 percent and 72.2 percent, respectively.
“As the Philippines is heading towards a greener and modern economy, projects like this one is consequential for the attainment of the economic goals of the country,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
“Also, the solar power plant project of PAVI Green will play a crucial role in building up the capacity needed to sustain electricity demand in Luzon, ensuring an unhampered supply of power to consumers.”
The project is expected to contribute to the required capacity addition of 73,868 MW that is needed to meet the National Renewable Energy Program (NREP) target of 81,485 MW for the total installed capacity by 2040 under the Clean Energy Scenario (CES). The BOI said the project will generate 554 jobs during its construction and 21 jobs during its commercial operations.
The project will use the latest technology in the market through the use of monocrystalline solar panels and string inverters.
“The BOI has been pursuing a greener and more modern Philippine economy. As the world slowly transitions to a greener economy, the project will indicate the country’s objective of having green projects because it will release less greenhouse gas emissions into the atmosphere,” the agency said.
Known as the largest contributor to climate change, carbon dioxide is among the four greenhouse gases, which are emitted whenever coal, oil, natural gas, and other carbonrich fossil fuels are burned.