RE firm gets BOI perks

Asiapac Green Renewable Corp. has bagged tax perks for its four hydropower plants in Mountain Province.

“The Board of Investments (BOI) approved Asiapac Green Renewable Corp. as the renewable energy (RE) developer of four hydropower plants in Mountain Province worth P1.675 billion,” the BOI said in a statement yesterday.

With the BOI’s approval of the registration of the projects, the firm can enjoy incentives such as income tax holidays and duty-free importation of equipment for seven years as provided by the Renewable Energy Act of 2008.

RE has been listed as a mandatory activity in the 2012 Investment Priorities Plan (IPP).

Activities in the mandatory list require their inclusion in the IPP as provided for under existing laws.

The government provides incentives to encourage firms to invest in priority activities or sectors.

The first of the four plants is the 2.4 MW Dicapan Hydropower Project in Barangay Lubon, Tadian, which is expected to generate 8.697 million kilowatt per hour (kWh) of electricity per year.

The Upper Siffu Hydropower Project with 2.75 MW power capacity in Barangay Balangao, Natonin is expected to produce 9.630 million kWh of electricity annually.

The 3 MW Lower Siffu Hydropower Project, which is also located in Barangay Balangao, is projected to produce 9.900 million kWh of electricity yearly, while the 2.4 MW Tanudan Hydropower Project in Barangay Lias, Barlig is seen to produce a total of 11.720 million kWh of electricity in a year. Each project will employ 17 personnel. The plants are scheduled to begin operations simultaneously in March 2016.

The projects are vital to the province for it has no single power generating facility of its own.