By Victoria “NIKE” De Dios
Part of the thrust of the government is to ensure energy security in the country, and the Philippines aims to lead the renewable energy revolution in the Indo-Pacific region.
To advance sustainable investments in the country, the Board of Investments (BOI) granted Nexif Ratch Energy Investments Pte. Ltd. (NREI) the Certificate of Endorsement for Green Lane services on June 11, 2024. The endorsement supports the company’s solar and wind power projects in Camarines Sur, managed by its subsidiaries Calabanga Renewable Energy (CARE), Inc. and ACX3 Capital Holdings Inc. (ACX3).
The Calabanga Solar Power Project, operated by Calabanga Renewable Energy (CARE), Inc., boasts a total capacity of 74.131 MWp/51.555 MW in Calabanga, Camarines, Sur. Valued at approximately Php3.695 billion, construction began in June 2023 and received its Certificate of Endorsement to the Energy Regulatory Commission (“ERC”) from the DOE, attesting that the project is in-line with the country’s Power Development Plan.
Meanwhille, the San Miguel Bay Wind Power Project under ACX3 Capital Holdings Inc. is an offshore wind energy venture with a planned capacity of 500 MW. Located in the municipalities of Calabanga, Tinambac, and Siruma, the project aims to reduce the country’s carbon emissions. The wind project, estimated at Php60 billion, is currently in its pre-development stage. Target construction is scheduled to begin in the first quarter of 2026 and target commercial operations are expected by 2028. The project’s output will be auctioned through the DOE’s Green Energy Auction Program (GEAP), with alternative plans to sell electricity through a Power Sales Agreement or the Wholesale Electricity Spot Market (WESM).
Nexif Ratch Energy Co-Founder and Director, Matthew Bartley said, “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.”
“We are pleased to support the development of Calabanga Solar Power Project and 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,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
NREI, a joint venture between Singapore-based Nexif Energy and Thailand-based Ratch Group established in 2011, specializes in developing, financing, building, acquiring, and maintaining conventional and renewable power facilities. The independent power producer’s projects in the country align with the Philippine National Government’s Renewable Energy Plan, which targets 35% renewable energy in the electricity mix by 2030 and 50% by 2040.