P2-B solar project in Naga approved
The Board of Investments (BoI) has approved PAVI Green Renewable Energy Inc.’s application for registration for its P2 billion Naga Solar Power Project in the city of Naga.
PAVI is a new renewable energy developer of solar energy resources to help meet the growing demand for electricity in Luzon.
Electricity demand in Luzon is expected to continuously increase. In 2020, based on Ministry of Energy data, Luzon contributed 67.9% of the total installed capacity. Moreover, in terms of electricity generation and consumption, Luzon recorded 71.2% and 72.2% respectively.
The project, which was approved at Tier 1 based on the 2020 list of IPPs “Special Laws (Renewable Energy Act 2008) of the Strategic Priority Investment Plan (SIPP) 2022”, is expected to commence operations. sales in February 2024.
“As the Philippines moves towards a greener and more modern economy, projects like this are critical to achieving the country’s economic goals. Additionally, PAVI Green’s solar power plant project will play a crucial role in boosting capacities needed to sustain electricity demand in Luzon, ensuring unhindered electricity supply to consumers,” said Under Secretary for Commerce and BoI Chief Executive Ceferino Rodolfo.
In addition, the project will contribute to the required capacity addition of 73,868 MW needed to meet the National Renewable Energy Program target of 81,485 MW for total installed capacity by 2040 under the Energy Scenario. own.
Economically, the project will generate 554 jobs during construction and 21 jobs during commercial operation. Based on innovative means, the project will use the latest technologies on the market thanks to monocrystalline solar panels and string inverters.
The BoI, as the country’s leading investment promotion agency, pursues a greener and more modern Philippine economy. As the world transitions to a greener economy, the project will indicate the country’s goal of having green projects, as it will release less greenhouse gas emissions into the atmosphere.
Recognized as the biggest contributor to climate change, carbon dioxide is one of the four greenhouse gases emitted when coal, oil, natural gas and other carbon-rich fossil fuels are burned.