BOI okays P3.3-B renewable energy project of Ayala & Mitsubishi

MANILA, Philippines - The Board of Investments (BOI) has approved the registration of Philnewenergy as a renewable energy (RE) developer for its project in Davao del Sur.

In a statement, the BOI said the P3.33-billion project involves a solar photovoltaic power plant in Darang, Davao del Sur.

Philnewenergy’s project would augment the current supply of energy in Mindanao by an additional 35 megawatts (MW) annually.

The Solar photovoltaic power plant would start commercial operations by March 2015 and 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 upon exposure to sunlight.

The proposed plant does not require any fuel or consume any raw materials to produce electricity.

The increasing utilization of RE is an essential part of the government’s strategy to sustain the energy supply in the country.

As part of the National Renewable Energy Program, the government aims to triple its existing RE capacity of 5,438 MW to 15, 304 MW by 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 development of renewable energy is one of the priority areas under the country’s Investment Priorities Plan (IPP).

Philnewenergy is a joint venture of Ayala Corp. and Mitsubishi Corp.