Green lane-eligible projects valued at P3.2 trillion

By Justine Irish D. Tabile – September 4, 2024 | 8:08 pm
from Business World

THE Board of Investments (BoI) said that 13 more renewable energy (RE) projects were endorsed for green lane treatment, bringing investments eligible for expedited permit processing to more than P3.2 trillion by value.

“As of August, 115 projects have been approved (for) green lanes, with a total project cost of P3.204 trillion,” the BoI said in a statement on Wednesday.

The 13 projects will cost a combined P210.46 billion. They consist of eight onshore wind projects, four solar projects, and an offshore wind project, the BoI said.

The government, through Executive Order (EO) No. 18, established the “green lane” at all government agencies to expedite the approval and registration process for priority or strategic investments.

The government is taking in increased investment in RE projects after it allowed full foreign ownership in the industry, which was previously limited to 40%.

In a separate release, the BoI said that it has officially awarded the green lane certificate of endorsement to A-FLOW Properties I Corp. for its 36-MW ML1 Data Center in Biñan, Laguna.

“The certificate awarded to A-FLOW marks a significant milestone in the country’s journey towards enhanced digital connectivity,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

“Given the growing need for larger information technology capacity, A-FLOW’s contribution will be vital in positioning the Philippines as a digital leader in the Asia-Pacific region,” he added.

A joint venture between FLOW Digital Infrastructure and AyalaLand Logistics Holdings Corp., A-FLOW aims to help address growing demand for IT capacity in the Philippines, which is expected to grow over 180 MW in 2027.