BOI approves PHP 2 billion solar power plant in Naga

The Board of Investments approved the PHP 2-billion solar power plant in Naga.

Photo of solar panels from BOI

A new PHP 2 billion solar power plant in Naga soon?

BOI gave the go signal to Villar Group’s PAVI Green Renewable Energy, Inc. application for registration as the developer of the new solar energy facility.

The Naga Solar Power Plant Project is seen to help meet the increasing demand for electricity in Luzon, BOI said in a statement. It will use monocrystalline solar panels and string inverters, the latest technology available in the market, it noted

“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,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.

“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,” he added.

The solar facility is also estimated to contribute to the required capacity addition of 73,868 megawatts which is needed to meet the National Renewable Energy Program target of 81,485 MW for the total installed capacity by 2040 under the Clean Energy Scenario.

In terms of job generation, this can generate 554 jobs during construction, and 21 jobs during commercial operations, which is expected to be in February 2024.

Source: BOI