Philippines’ Board of Investments (BOI) has granted the green lane processing requests for several projects of ACEN Corp. Located in Laguna Lake, ACEN is the renewable energy platform of the Ayala Group.
An official statement said, “It is a part of the government’s efforts to accelerate the realisation of green investments in the country.” The BOI said the projects approved for green lane processing include SolarAce4, AC Laguna, AC Subic, GigaWind1, and Ingrid Floating Solar Power Plants. These projects are consistent with the government’s mission to accelerate the growth of eco-friendly investments in the country.
The five renewable energy projects are now identified and designated as strategic investments. The projects are expected to be completed by 2026 and 2027.
“Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues,” said the BOI.
Elaborating further, the note said, SolarAce4 covers 100 hectares of the lake surface area in Santa Cruz, Laguna, and will produce 140-megawatt peak (MWp) of clean energy, while the AC Laguna floating solar power plant is located on 200 hectares of lake surface area in Victoria and Pila, Laguna, and will generate 280MWp of clean energy.
Besides, the AC Subic floating solar power plant, covers 200 hectares of lake surface area in Victoria and Santa Cruz, Laguna, is expected to produce 280MWp of clean energy, while the GigaWind1 floating solar power plant occupies 200 hectares of lake surface area in Kalayaan and Paete, Laguna, and will generate 280MWp of sustainable energy.
The Ingrid floating solar power plant is located on 100 hectares of lake surface area in Lumban, Laguna, and will produce 140MWp of clean energy. “At the forefront of Asia Pacific’s renewables revolution, ACEN is the first energy company in Southeast Asia to announce a net zero roadmap,” the BOI said.
As per the firm, ACEN aims to be the largest listed renewables platform in Southeast Asia and is targeting to reach 20 GW of renewable capacity by 2030. The key markets of the firm are the Philippines, Australia, Vietnam, Indonesia, India.
The note said that the Trade Undersecretary and BOI Managing Head Ceferino Rodolfo awarded the Green Lane Certificates of Endorsement to ACEN president and CEO Eric Francia in an awarding ceremony at the BOI main office in Makati City earlier this month.