PH government fast-tracks TH-SG Renewable Projects

MAKATI CITY — The Philippine government is accelerating its renewable energy initiatives by granting Nexif Ratch Energy Investments Pte. Ltd. (NREI) a Certificate of Endorsement for Green Lane services.

The endorsement, issued by the Board of Investments (BOI) on June 11, 2024, supports NREI’s solar and wind power projects in Camarines Sur.

The Calabanga Solar Power Project, managed by Calabanga Renewable Energy (CARE), Inc., features a capacity of 74.131 MWp/51.555 MW.

With a construction value of approximately Php3.695 billion, the project commenced in June 2023 and has received the Certificate of Endorsement from the Department of Energy (DOE).

Simultaneously, ACX3 Capital Holdings Inc. is spearheading the San Miguel Bay Wind Power Project, an offshore venture with a planned capacity of 500 MW.

Estimated at Php60 billion, the wind project is in its pre-development phase, with construction slated to begin in early 2026 and commercial operations expected by 2028.

The project’s output will be auctioned through the DOE’s Green Energy Auction Program (GEAP) or sold via a Power Sales Agreement or the Wholesale Electricity Spot Market (WESM).

Matthew Bartley, Co-Founder and Director of Nexif Ratch Energy, expressed enthusiasm for the projects: “We are thrilled to support the Philippines Development Plan on the Green Lanes for Strategic Investments initiatives. By leveraging our expertise in renewable energy and the support of the BOI, we can make significant progress toward a more sustainable future for the Philippines.”

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo highlighted the economic and environmental benefits.

“We are pleased to support the development of the Calabanga Solar Power Project and the San Miguel Bay Wind Power Project as it is a significant capital investment that will create consequential economic contribution and positive environmental impact for the Philippines,” Rodolfo said.

NREI, a joint venture between Singapore-based Nexif Energy and Thailand-based Ratch Group, has been active since 2011 in developing and maintaining power facilities.

Their projects in the Philippines align with the national Renewable Energy Plan, which targets 35% renewable energy in the electricity mix by 2030 and 50% by 2040.