The Board of Investments (BOI), through its One-Stop Action Center for Strategic Investments (OSAC-SI), awarded green lane certificates of endorsement to Nexif Ratch Energy Investments Pte. Ltd. (NREI) on Nov. 26, 2024.
“Our goal is to facilitate the timely and stress-free completion of your projects. We will be with you every step of the way,” said BOI Investment Assistance Service (IAS) director Ernesto Delos Reyes Jr.
The approved projects include the 475-MW Lucena Wind Power Project in Quezon province and the 150-MWp Bacolod Solar Power Plant Project in Negros Occidental.
The projects represent a significant step toward the Department of Energy’s (DOE) goal of achieving 50 percent renewable energy in the Philippines’ power generation mix by 2040.
Owned by ACX3 Capital Holdings Inc., a Philippine subsidiary of NREI, the Lucena Wind Power Project is set to generate 475 MW of clean energy through offshore wind turbines located in Lucena City and Sariaya, Quezon.
With an investment of P67 billion, the project is currently in its pre-development phase and is one of five offshore wind energy service contracts awarded to ACX3 by the DOE.
Energy generated by the project will be sold through the Green Energy Auction Program (GEAP), power sales agreements or the wholesale electricity spot market (WESM).
Negros PH Solar Inc., another NREI subsidiary, is developing the Bacolod Solar Power Project with an estimated cost of P6.9 billion.
Located in Bacolod and Bago City, the plant is expected to produce 150 MWp of solar energy. Construction began in October 2024, with operations slated to commence by Q4 2025.
The solar plant’s output will be distributed under a power supply agreement with AP Renewables and Adventenergy Inc., with additional capacity sold through WESM. The facility is designed for a 30-year operational life.
“NREI plans to embark on many more projects, and with BOI’s assistance, we will achieve our long-term vision,” said NREI Philippines project director and ACX3 president Nicolo Subido.
