The Board of Investments (BOI) said on Wednesday it approved the country’s first renewable energy project eligible for energy efficiency incentives, marking a milestone in the government’s effort to promote sustainable energy solutions in the country.
The BOI said the Nakashin Davao International Inc.’s P26-million solar photovoltaic rooftop system project at the firm’s manufacturing facility was covered under tier 1 of the 2022 Strategic Investment Priority Plan (SIPP).
“The project’s registration entitles Nakashin to an income tax holiday equivalent to 50 percent of its capital investment, a benefit covered by the Corporate Recovery and Tax Incentives for Enterprises Act,” it added.
READ: Vivant powers school in Bukidnon via rooftop solar
The 519.2-kilowatt peak (kWp) project is expected to deliver annual energy savings of 17.27 GWh, resulting in a total reduction of 137,000 tons of carbon dioxide (CO2)…
