SunAsia seeks incentives for $1.7-b floating solar project

By Othel V. Campos

SUNASIA Energy Inc. applied for tax incentives with the Board of Investments on its planned $1.7-billion floating solar power project in Laguna Lake.

The BOI said that once approved, the incentives would include 7-year income tax holiday; duty free importation of machinery, equipment and materials; 10-percent corporate income tax rate after the ITH period; accelerated depreciation; zero value added tax on the sale of fuel or power generated; cash incentive for missionary electrification; tax exemption on carbon credit; and tax credit on domestic capital equipment and services.

It said SunAsia’s solar power project is the first strategic investment under Executive Order No. 18 or the Green Lanes for Strategic Investments policy.

“This underscores the seriousness of the government in helping investors realize their investments by removing the barriers to the entry of strategic investments. Rest assured of the whole-ofgovernment support for this strategic investment which positively impacts our economy not only in terms of investments but more importantly on the jobs to be generated,” said BOI director for investment assistance service Ernesto Delos Reyes Jr.

He said the company was still completing the documentary requirements needed for registration.

Having a green lane status will speed up and streamline the procedure and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.

Aside from SunAsia Energy, ACEN Renewable Energy Solutions, the power subsidiary of the Ayala Group, is also building similar floating solar projects.

Both companies are committed to providing clean and sustainable energy for consumers with combined capacities of 2.3 gigawatts of renewable energy.

SunAsia will integrate 10 floating solar projects on the Laguna Lake that would generate 1.3 GW of power, while ACEN would produce 1 GW.

Pse Index Closing

Friday, August 18, 2023

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Administrative and operational expenses declined to 2.6 percent from 4.9 percent a year ago in the first half, well below the legal threshold of 12 percent.

Veloso said the fund life of GSIS was now at 2058 or 35 years, which was achieved through enhanced data analytics and sustained investment returns.

“A lengthier actuarial life allows us to meet our obligation of providing timely benefits to our members and pensioners. As a financial institution, we focus on growing our members’ contributions through strategic investment opportunities,” Veloso said.

GSIS is showcasing its commitment to the nation’s growth story by investing in vital sectors such as real estate, infrastructure, food, energy and mining. Total investment in the domestic sectors reached P1.2 trillion in the first six months. Global investments also rose 8 percent to P204 billion. Julito G. Rada

COASTAL CLEANUP. About 300 employees of BDO Unibank Inc. participate in two coastal clean-up activities that resulted in the collection of more than 2,200 kilograms of waste from the Las Piñas-Paranaque Critical Habitat and Eco-tourism Area--a protected site that is home to 41 species of migratory birds and one of the few remaining mangrove forests in Metro Manila. This is the bank’s first coastal clean-up activity under its Employee Volunteer Program. The activity hopes to raise awareness on proper waste management with the hope of saving and preserving critical areas like LPPCHEA.

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