BOI approved 144 renewable energy investment projects

BOI has approved a total of 144 renewable energy investment projects worth Php170.947 billion from 2010 up to December 2015 with a total generating capacity of 3,861 megawatts.

Renewable energy is listed as a priority investment sector in the BOI’s Investment Priorities Plan (IPP.  The BOI closely coordinates with DOE to ensure that investments support the Philippine Energy Plan (PEP) 2010-2030 and is consistent with the Renewable Energy Act of 2008 which mandates the consideration of renewable energy projects.

The country’s current installed capacity for power generation is 17,025 megawatts, which is largely located in the Luzon grid.  Based on DOE’s 2014-2019 demand-supply projections, an additional 5,100 megawatts is needed in all major grids of the country.  The Luzon grid needs at least 3,800 megawatts, Visayas, 900 megawatts, and Mindanao around 400 megawatts.  Out of the required energy capacity, only 45 power generating plants with a consolidated capacity of 3,382.75 megawatts (combined renewable energy and conventionally-fuelled) are committed to go online this year.

Among the renewable energy projects approved by the BOI is Alternergy Wind One Corporation which recently inaugurated its 60 hectare wind farm in Pililia, Rizal.  The wind farm, the first of its kind in the Rizal province, runs 27 wind towers, each producing 2 MW, and has a total capacity of 54 MW of clean electricity capable to supply electricity requirements of 66,000 households.