The Market Monitor Minding the Nation's Business
The Board of Investments (BOI) has endorsed the expedited processing of permits and licenses for two solar power projects by Upgrade Energy Philippines, Inc. (UGEP), facilitating smoother coordination with national and local government agencies.
BOI granted Green Lane Certificates of Endorsement to UGEP’s PHP2.11-billion Cabangan Solar Project in Zambales and the P1.51-billion Pontevedra Solar Power Project in Capiz. These projects will contribute 56.77 megawatts (MW) and 47 MW of renewable energy (RE), respectively, to the national grid.
“With the Board of Investments’ green lane facilitation, our projects will benefit from streamlined processing of permits and licenses, ensuring swift and efficient collaboration with national and local agencies,” said UGEP President and CEO Ruth Yu-Owen.
She emphasized that the endorsement reinforces the company’s commitment to delivering transformative renewable energy projects that will power thousands of homes, reduce carbon emissions, and set a precedent for future green investments.
Beyond providing clean energy, the two solar projects are expected to generate up to 331 temporary and permanent jobs during their construction and commissioning phases.
To date, BOI’s One Stop Action Center for Strategic Investments has endorsed 184 projects for Green Lane treatment, amounting to P4.61 trillion in combined investments. Of these, 114 projects are in the renewable energy sector, with a potential investment value of P4.21 trillion.