ThomasLloyd, Bronzeoak solar power joint venture bags tax perks
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MANILA - Proponents of the country's largest solar power project to date have announced the start of construction activities.
In a statement, the joint venture of Bronzeoak Philippines and Swiss-German firm ThomasLloyd said they will commence construction of the 22-megawatt (MW) San Carlos Solar Energy Project (SaCaSol) after securing incentives from regulators.
The Board of Investments (BOI) recently granted incentives to the project based on Republic Act No. 9513 or the Renewable Energy Act of 2008.
These include 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.
The solar power project is located on a 35-hectare site in the San Carlos Economic Zone on Negros Island. The project is estimated to cost P1.9 billion.
The SaCaSol joint venture tapped Germany-based Conergy AG as supplier of 22 solar power inverters and 88,000 photovoltaic modules that will be used for the plant.
The project will be developed in two phases. The first phase will involve a 13-MW facility and the second phase a 9-MW expansion, both funded by ThomasLloyd from construction through its commercial operation. The solar plant is expected to be up and running by the second quarter of this year.
ThomasLloyd is a global investment banking and investment management group focused on projects involving renewable energy and clean technologies.
Besides SoCaSol, ThomasLloyd also announced a plan to finance and build two additional solar plants in Negros.
ThomasLloyd will also put up the said facilities in partnership with Bronzeoak, "as soon as possible to immediately improve the power situation in the Visayas grid," without further elaborating.
Bronzeoak is a private entity that specializes in renewable energy development in the country. The company through its subsidiaries, will also develop two additional biomass power plants with a combined capacity of 45-MW also in Negros Occidental and another one a year later for a 30-MW in the Luzon.