BOI approves over P2B in renewable energy projects

More than P2 billion worth of renewable energy (RE) projects have been approved by the Board of Investments (BOI), as the administration of President Ferdinand R. Marcos Jr. intensifies efforts to attract investments in the country’s clean energy sector under the Philippine Energy Plan 2023–2050.

“We remain focused on mobilizing strategic investments that will generate quality jobs and support long-term energy security for Filipinos,” said Trade Secretary and BOI Chairman Cristina Roque.

One of the approved projects is the Gamu Solar Power Project of Intramuros Solar Energy Corp., which involves an investment of P1.99 billion and will have a capacity of 70.786 megawatts peak (MWp).

Located in the municipalities of Gamu and Naguilian in Isabela, the project is scheduled to begin commercial operations in April 2027.

The second project is the Richbake Inc. Solar Power Project of PI Energy Inc. in Rosales, Pangasinan, with an investment of P17.42 million and a capacity of 0.494 MWp. Commercial operations are targeted to start in March 2026.

The Philippine Energy Plan 2023–2050 aims to increase the share of renewable energy in the power generation mix to at least 35 percent by 2030, 50 percent by 2040, and more than 50 percent by 2050.

Once operational, the two solar facilities will help meet the additional capacity requirement of 984 MW needed to achieve the targeted 694 MW of installed solar capacity under the Clean Energy Scenario by 2050.

“Renewable energy remains a top priority sector for investment promotion. These approvals signal a strong start for 2026 in terms of investment generation, particularly in the RE sector, and reinforce investor confidence in the Philippines’ clean energy transition,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.

In 2025, the BOI certified P1.96 trillion worth of investments under the Green Lane for Strategic Investments. Of the 81 Green Lane projects approved during the year, 74.53 percent were in the renewable energy sector, with total investments expected to generate more than 163,000 jobs nationwide.

As the country’s lead investment promotion agency, the DTI-BOI said it remains committed to attracting high-impact and strategic investments that will position the Philippines as a regional hub for smart and sustainable industries.

These investments are expected to support sustainable economic growth and generate jobs for Filipinos, aligning with the government’s goal of creating a virtuous cycle of growth that transforms the Philippine economy.