BOI-assisted RE firm to develop floating solar project in Laguna Lake

By DTI-Board of Investments
August 18, 2023

MAKATI CITY – Seen as a game-changing project in the Philippines, SunAsia Energy Inc., a firm assisted by the Board of Investments (BOI), will soon develop a floating solar project in Laguna Lake after signing a contract with the Laguna Lake Development Authority (LLDA).

Notably, SunAsia Energy, Inc. is the first company to have its project designated as a strategic investment under Executive Order No. 18, "Constituting Green Lanes for Strategic Investments" from the BOI – One Stop Action Center for Strategic Investments (BOI-OSACSI).

Through the BOI-OSACSI, the green lane status has been instrumental in the approval of the LLDA’s Notice of Award to SunAsia Energy, leading to the signing of the contract between the two parties.

Green lane status will speed up and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.

BOI Director Ernesto C. Delos Reyes, Jr. of the Investment Assistance Service (IAS) along with BOI-OSACSI representatives attended the ceremonial signing of the Laguna Lake Floating Solar Projects at Dusit Thani Manila on August 8, 2023.

Director Delos Reyes, Jr. congratulated SunAsia Energy and LLDA for the floating solar project, acknowledging its huge impact on the country’s goal towards a more modern and greener economy.

“This underscores the seriousness of the government in helping investors realize their investments by removing the barriers to the entry of strategic investments. Rest assured of the whole of government support for this strategic investment which positively impacts our economy not only in terms of investments but more importantly on the jobs to be generated,” he said.

Aside from SunAsia Energy, ACEN was also awarded with renewable energy (RE) service contracts for their floating solar panel projects. Both companies are committed to provide clean and sustainable energy for consumers.

The projects are projected to generate 2.3 gigawatts (GW) of renewable energy (1.3 GW from SunAsia Energy and 1 GW from ACEN).

Leading the ceremonial signing were President and CEO Tetchi Capellan of SunAsia, President John Eric Francia of ACEN (RE platform of the Ayala Group), LLDA General Manager Atty. Senando Santiago, Head of the Office of the Government Corporate Counsel (OGCC) - Justice Rogelio Quevedo, representatives from the DTI-BOI, DOE, DENR, Provincial Government of Laguna, Office of the Presidential Adviser on Investments and Economic Affairs (OPAIEA).

LLDA GM Santiago attested to the proactive assistance of the BOI in facilitating projects identified with strategic investments. Through the BOI’s initiative, government agencies entered into EO 18 covenant towards seamless realization of strategic investments.

According to GM Santiago, the LLDA Board has identified several predetermined areas in Laguna Lake for REdevelopment. These PDAs, with a total area of 2,000 or about 2% of Laguna Lake’s total surface areas, were awarded to RE developers through public bidding.

The LLDA official thanked the proponents for the promising projects, emphasizing that “with strategic planning, we see the invisible, feel the intangible, and achieve the impossible.”

Also, the Department of Energy (DOE) expressed its support to the projects, as the agency targets 35% RE share to facilitate and increase investments in the RE sector. It commended the floating solar panel projects in Laguna Lake for a cost effective RE production without occupying land mass.