The Board of Investments (BOI) has given its approval for the San Carlos Solar Energy (SaCaSol), a 22-megawatt (MW) solar power project on a 35-hectare site in the San Carlos Economic Zone in Negros Island.
Last year, the Department of Energy gave its go signal for the building of the P1.9-billion SaCaSol, the largest solar plant in the country.
The project being developed by Bronzeoak Philippines (BP) and the Swiss-German firm ThomasLloyd (TL) is expected to be operational by the second quarter of 2014, adding over 35 million kilowatt hours annually to the Visayas Grid.
The Project will be developed in two phases: Phase 1 with 13 MW and Phase 2 with an additional nine MW.
The BOI approval recently received by the joint venture that will built the project, was pursuant to the Renewable Energy Act of 2008 (RA9513).
The project was awarded a seven-year income tax holiday and duty-free importation of machinery, equipment and materials including communication equipment within the first 10 years from issuance, among other incentives.
It is envisaged that SaCaSol will most likely be the first to energize and thus avail of the feed-in-tariff, the guidelines of which are being awaited by the TL-BP joint venture.
TL is a leading global investment banking and investment management group dedicated solely to the renewable energy and clean technology sectors.
BP, on the other hand, is a privately owned company that specializes in renewable-energy project development as well as finance and management of integrated agro-energy projects in the Philippines. Two of its biomass projects include San Carlos Biopower and South Negros Biopower, which are seen to provide 140 mil-lion and 175-million kwh a year to the grid.