BUSINESS

MVP’s P185-B Terra Solar project gets green lane certification

Raffy Ayeng · Aug 13, 2024, 5:09 PM

LOOK: MGen president and CEO Emmanuel Rubio (far left), Meralco chairperson and CEO Manny V. Pangilinan, BoI chairperson and Trade Undersecretary Ceferino Rodolfo and BoI Governor Marjorie Ramos-Samaniego pose at the Green Lane Certificate Awarding of Terra Solar Project. — BOI

The massive solar project of business mogul Manuel V. Pangilinan in Bulacan and Nueva Ecija has earned the green lane certification of the Board of Investments (BoI), an attached agency of the Department of Trade and Industry (DTI) tapped to fast-track the strategic investments in the country.

In a statement on Tuesday, the BoI said that the Terra Solar Project by Terra Solar Philippines, Inc. (TSPI) -- with a project evaluation cost of P185 billion -- earned Green Lane Certification last 5 August.

TSPI is deemed a groundbreaking initiative, set to become the world's largest solar project, visible from space.

BoI managing head and Trade Undersecretary Ceferino Rodolfo announced that the project has also been approved for registration under the BoI, highlighting a whole-of-government approach to supporting this endeavor.

The effort supports one of the priority pillars of DTI-OIC Secretary Cristina Roque, on bolstering trade and investment in the country by addressing Ease of Doing Business issues.

It also underscores the continuity of DTI policies and programs initiated by former Secretary Alfredo Pascual.

TSPI, a subsidiary of SP New Energy Corporation (SPNEC) and MGen Renewable Energy, Inc. (MGreen), the renewable energy unit of Meralco PowerGen Company (MGen), aims to generate 3,500 megawatts (MW) of solar power with a 4,500 megawatt-hour (MWh) battery energy storage system.