The Philippine Board of Investments (BOI) has approved the application for registration of PAVI Green Renewable Energy, Inc. for its Php2-billion Naga Solar Power Plant Project as a new renewable energy developer of solar energy resources to meet the increasing electricity demand of Luzon.  

 

Owing to the sustained economic growth of the Philippines, the demand for power in Luzon will continue to increase. In 2020, based on the data from the Department of Energy (DOE), Luzon contributed 67.9 percent share of the total installed capacity. Further, in terms of power generation and consumption, Luzon recorded 71.2 percent and 72.2 percent, respectively.  

The project, which was approved under Tier I based on the 2020 IPP Listing “Special Laws (Renewable Energy Act of 2008) of the 2022 Strategic Investment Priority Plan (SIPP) is expected to start commercial operations in February 2024. 

 

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

 

In addition, the project will contribute to the required capacity addition of 73,868 MW that is needed to meet the National Renewable Energy Program (NREP) target of 81,485 MW for the total installed capacity by 2040 under the Clean Energy Scenario (CES).  

 

On the economic aspect, the project will generate 554 jobs during its construction and 21 jobs during its commercial operations. Homing in on innovative ways, the project will use the latest technology in the market through the use of monocrystalline solar panels and string inverters. 

 

The BOI, as the leader of the country’s Investment Promotion Agencies, has been pursuing a greener and more modern Philippine economy. As the world is now transitioning to a greener economy, the project will indicate the country’s objective of having green projects because it will release less greenhouse gas emissions into the atmosphere. 

 

Known as the largest contributor to climate change, carbon dioxide is among the four greenhouse gases, which are emitted whenever coal, oil, natural gas, and other carbon-rich fossil fuels are burned. END