REAL STEEL Corp. said it is investing around P1 billion in a rooftop solar photovoltaic system at its plant in Pampanga to lower its operating costs and carbon emissions.
鈥淭he investment is close to P1 billion for the rooftop solar photovoltaic system. It will be completed in six to eight months鈥 time,鈥 the company said in response to e-mail queries.
The 16.8 megawatt-peak (MWp) system is deemed the largest in the Philippines which when implemented will 鈥渁ccelerate the production of high-quality steel products鈥 with lower carbon impact.
鈥淭his investment in renewable energy technology is anticipated to significantly reduce operating expenses for Real Steel while limiting its carbon footprint,鈥 the company said.
Asked about how much the renewable energy technology will help reduce costs, it said: 鈥淭he solar rooftop project will generate 26,000 megawatt-hours (MWh) of renewable electricity annually.鈥 It is also expected to reduce carbon emissions by around 12,800 tons per year which is equivalent to planting 200,000 trees.
Real Steel鈥檚 P10.31-billion rolling mill operation is among the 16 projects endorsed by the Board of Investments (BoI) for green lane certification.
The project, which was approved for green lane certification by the BoI on Oct. 26, is expected to produce 600,000 metric tons of reinforced steel bars annually.
鈥淭he BoI endorsement signifies Real Steel鈥檚 commitment to leveraging advanced technology and environmentally conscious practices while contributing to the larger government objective of improving the business landscape and attracting foreign direct investment,鈥 the company said.
The steel plant is targeted for commercial operations by the end of 2024 and generate 480 direct jobs.
According to the company, the P1-billion investment is separate from the P10.31-billion investment in the facility.
鈥淭he (renewable energy technology) will be funded through our partnership with TotalEnergies ENEOS,鈥 the company added.
TotalEnergies ENEOS is a joint venture between global multi-energy company TotalEnergies and Asian energy and materials company ENEOS Corp. 鈥 Justine Irish D. Tabile
