BOI Grants Freya Renewables Inc. the Green Lane Status for Daanbantayan Solar Power Project

Manila, Philippines | August 1, 2024 – Acciona Energía, through its Filipino subsidiary, Freya Renewables Inc., is excited to announce that it has been awarded the Green Lane Status by the Board of Investments (BOI) for the Daanbantayan Solar Power Project. This feat marks a big step forward in Visayas’ renewable energy landscape and recognizes the outstanding work accomplished behind this project through the successful partnership between the local government of Cebu and Acciona/Freya.

The Daanbantayan Solar Power Project, located in the Municipality of Daanbantayan, Cebu, involves a committed investment of 7.5 billion Philippine pesos, which is around USD 130 million.

Acciona Energía Global, the main affiliate, is the world’s leading operator focused exclusively on renewable energy. With over 30 years of experience and a presence in more than 25 countries, the company operates a diverse portfolio of renewable energy projects worldwide. Acciona currently has more than 2 GW of renewable energy projects in development through Freya Renewables Inc. and the Blue Circle and is developing over 30 GW of new projects globally. Their dedication to sustainable energy is mirrored in the Daanbantayan Solar Power Project, which aspires to set a new standard for future renewable energy developments in the region.

Over the next five years, under the Solar Energy Operating Contract (SEOC), the Daanbantayan Solar Power Project is projected to produce 150 MW(ac) and will create 1,425 direct jobs and 85 indirect jobs during its construction and operational phases, not only within the province of Cebu but also professionals in various fields across the country. This initiative not only fosters job creation but also contributes significantly to the broader economic development of the region.

Moreover, this large-scale renewable energy project aims to reduce electricity costs in Cebu, a region that has historically lagged in renewable energy developments. The initial power output will be distributed through private Power Purchase Agreements (PPAs) with CEBECO II at provincially capped prices, and any excess energy will be sold at the annual green auction hosted by the Department of Energy (DOE).

Aligned with the Philippine Development Plan (PDP), this project supports the government’s goals to increase the renewable energy capacity, ensure energy security, and promote sustainable and inclusive economic growth. It also aims to demonstrate the benefits of renewable energy to both the economy and the community, showcasing the critical role of clean energy in the country’s future.