Acciona Energia wins green lane for solar investment in Philippines

Spanish renewables company Acciona Energia (BME:ANE) said on Thursday that a 150-MW solar project it is developing in the Philippines has been granted the “green lane” status by the Philippine Board of Investments, an agency of the Department of Energy and Industry.

The green lane privilege means that its Daanbantayan solar project on the island of Cebu is considered a strategic investment for the country, and as such will benefit from a speedier permitting process in government agencies and accelerated development and construction, Acciona Energia explained.

Currently in development, the Daanbantayan project represents an investment of around USD 130 million (EUR 119.1m) and a significant job creation opportunity. The solar farm will be situated in the municipality of Daanbantayan municipality on the northern tip of the Cebu island.

Acciona Energy plans to place the solar farm’s initial power output under power purchase agreements (PPAs) with CEBECO II, the electric cooperative in Cebu province. Any surplus power will be sold at the annual green auction organised by the Department of Energy.

Acciona Energia’s other works in the Philippines, alongside its investee Freya Renewables, include a wind farm development in the municipality of Pantabangan and construction of another wind farm in Laguna province.

(USD 1.0 = EUR 0.916)

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