MANILA, Philippines — SunAsia Energy Inc. is undertaking a floating solar project in Laguna Lake after signing a contract with the Laguna Lake Development Authority (LLDA), according to the Board of Investments.
The BOI – One Stop Action Center for Strategic Investments (BOI-OSACSI) has designated SunAsia Energy as the first company to have its project designated as a strategic investment under Executive Order 18 signed by President Marcos last February to promote the Philippines as a top investment destination by “Constituting green lanes for strategic investments.”
“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,” the BOI said in a statement.
The investment promotion agency added that the 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 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 last Aug. 8.
Delos Reyes 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,” Delos Reyes said.
SunAsia’s floating solar project is expected to generate 1.3 gigawatts of renewable energy (RE).
LLDA general manager Senando Santiago attested to the proactive assistance of the BOI in facilitating projects identified with strategic investments as the LLDA Board has identified several pre-determined areas in Laguna Lake for RE development.
These areas, with a total area of 2,000 or about two percent of Laguna Lake’s total surface areas, were awarded to RE developers through public bidding.
According to the BOI, SunAsia is still in the process of completing documentary requirements for its BOI registration to avail of incentives including income tax holiday for seven years; duty free importation of machinery, equipment and materials; corporate tax rate of 10 percent after income tax holiday period; among others.
Last month, Trade Secretary Alfredo Pascual said a total of four strategic investment projects worth P183 billion have already been approved for green lane services, including SunAsia’s project.
The agency has already issued green lane certificates to the four projects, which represent a significant investment in various sustainable projects, ranging from floating solar projects to data centers and common towers.