en.Wedoany.com Reported - The Philippine Economic Zone Authority (PEZA) has signed a contract with investment firm IP Ventures Management Ltd. (IPVML) to develop a 31 megawatt-peak (MWp) solar power facility at the Cavite Economic Zone (CEZ), aiming to provide clean, reliable, and more cost-competitive energy for enterprises within the zone.
The 31 MWp solar power plant is expected to offset most of the daytime electricity consumption of factories and commercial tenants in the zone. The project helps reduce reliance on grid electricity, as the Philippines has some of the highest electricity rates in Asia, while also lowering the carbon emissions of the economic zone—a critical factor for its multinational clients with sustainability commitments.
The agreement was signed by PEZA Director General Tereso Panga, IPVML Corporate Secretary Jose Voltaire Bautista, Cavite Economic Zone Administrator Ross Vincent Sy, and IP Solar Corp. representative Joaquin Francisco. IPVML subsidiary IP Solar Corp. will serve as the project's operator and implementer.
This move supports the government's National Renewable Energy Program and is part of PEZA's strategy to expand the use of clean energy within its economic zones. Data shows that between 2021 and 2025, the Board of Investments approved 338 renewable energy projects with a total value of PHP 3.68 trillion and a combined installed capacity of 36.9 gigawatts.
PEZA Director General Panga stated that many investors today are concerned not only with business costs but also with the sustainability of their operations, and this project helps address that concern. Additionally, PEZA and IP Ventures donated PHP 100,000 worth of medical and dental equipment, including portable dental chairs and instruments, to the CEZ Workers' Health Program in Rosario.
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