MANILA -- A unit of the Yuchengco Group of Companies (YGC) secured approval from the Board of Investments (BOI) for its solar project in Tarlac City in Central Luzon.
On Thursday, BOI said it registered the 20-megawatt Tarlac Solar Power Project-2 (TSPP-2) of PetroSolar Corp, which is owned by YGC unit PetroGreen Energy Corp.
BOI said the PHP832-million solar power project is expected to begin January 2019.
The TSPP-2 will also generate jobs and revenues for the local government of Tarlac, particularly benefitting the communities of Lourdes and Balete in Tarlac City.
It added that the power produced in the facility will be redirected to the Wholesale Electricity Spot Market (WESM).
As part of promoting the use of renewable energy in the country, the BOI listed this kind of economic activity under the Investment Priorities Plan 2017-2019, wherein the government provides fiscal incentives to the proponents.
In the first semester of the year, top investment pledges at the BOI were from the power sector amounting to PHP108.2 billion, a 168-percent surge from last year’s commitments of PHP40.3 billion. (PNA)
