BOI FORM 501 APPLICATION NO.: ___________ENERGYAND RELATED PROJECTS DATE ACCEPTED : ___________ (Revised as of March 2015) LAW: E.O. No. 226:

R.A. No. 9513:

APPLICATION FOR REGISTRATION

Schedule 1: PROPONENTName of Entity : NEGROS PH SOLAR INC.Office Address : UG10 Tower 1, Pioneer Highlands, Pioneer St. Mandaluyong CityTelephone No : 451-2166 Fax No. : NoneSEC/Registration No. : CS201537522 Date : January 12,2015Ownership : 100% % Filipino % Foreign

(Nationality)

Authorized Capital : PhP 10,000,000.00 CURRENT STOCKHOLDERS’ PROFILE:

Name Nationality Check if Director

Position or Designation in the

Enterprise

Capital Stock (PhP) (% OwnershipSubscribed Paid-up

MARIA CELIA RAMONA S. MONFORT FILIPINO PRESIDENT/CEO 2,499,600 624,900 99.984%RYAN MARTIN M. GARCIA FILIPINO

X100 100 00.004%

RIA ROSARIO FRANCESCA M. GARCIA FILIPINO

X100 100 00.004%

MARY JOY B. GARCIA FILIPINO X 100 100 00.004%ESTHER S. MONFORT FILIPINO X 100 100 00.004%

Total 2,500,000 625,300 100%Indicate in the Nationality if naturalized Filipino

Schedule 2: CONTACT DETAILS

AUTHORIZED REPRESENTATIVE TO BOI:

Name : ENRICO G. MAULLON Position : LAND SPECIALIST

E-Mail Address : emaullon@yahoo.com

Landline/Cellphone No. : 0916-3416998 Fax No. : none

Schedule 3: PROJECT PROFILE:

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Name of Project : SUGARLANDIA 1 SOLAR PROJECTProject Location : HANDUMANAN ACCESS ROAD, BGY. FELISA BACOLOD CITY

IPP Year: 2014 Category : Regular List X Special Laws List Export Activities

Activity as Listed in the IPP : RENEWABLE ENERGY-SOLAR POWER

Specific Products/Services: Product /Service 1 Product /Service 2 Product /Service 3

Capacity for BOI Registration: 50 MWP(Maximum Annual Production Capacity, except for power generation activities which should be in MW/kW)PROJECT DESCRIPTION:

A 50 MW RENEWABLE ENERGY (SOLAR) PROJECT TO BE BUILT ON A 154 HECTARES.LEASED PROPERTY OWNED BY RAMIRO LIM, FELISA AGRICULTURAL, INC AND JOSE MONTILLA LOCATED AT BGY. FELISA, BACOLOD CITY.. NEGROS PH SOLAR INC. IS A WHOLLY OWNED FILIPINO CORPORATION SET UP TO FULLY FOCUS ON DEVELOPING THE PHILIPPINE SOLAR MARKET. THIS PARTICULAR PROJECT WILL BE LOCATED IN BGY. FELISA, BACOLOD CITY.

Schedule 4.A: TYPE OF PROJECT & STATUS (IF APPLICATION IS UNDER E.O. NO. 226)

New: Expansion: Modernization:

% Increase in Capacity:

STATUS: Pioneer Non-Pioneer

Justification for Pioneer Status:

Schedule 4.B: ENERGY SOURCE & TYPE OF INVESTMENT (IF APPLICATION IS UNDER R.A. NO. 9513)ENERGY SOURCE:

Biomass Hydro Wind OilGeothermal X Solar Coal Others (Specify)

TYPE OF INVESTMENT:X New Additional Existing

Schedule 5: Project Timetable and Cost (Php)

Activity Schedule (Month/Year) Related Expenses Cost (in PhP)

Obtaining licenses, permits, registration June 2014 to January 2016

Pre-operating expense 500,000

Project site preparation and development Hiring of contractors Civil works

June 2015 to Dec 2015

Land (1 year advance rental) 6,525,000

Land improvements 725,000

Building 250,000

Leasehold improvements 000,000

Other expenses 350,000

Acquisition and installation of machinery & equipment

Dec 2015 to March 2016

Machinery & equipment 2,929,443,885

Others (Annual Salary) 5,595,300

Trial Run March 2016

2

Start of commercial operation March 2016 Working capital (_12_ months) 1 12,120,300

Total Project Cost 2,943,389,1851 Normally covers the first three (3) to four (4) months of operations.NOTE: PROJECT IS STILL ON PRE-DEVELOPMENT STAGE.Yearly Investment Requirement (For projects with a gestation period of more than one year)

Pre-Operating Period Add columns, if necessaryTotalYear 1 2

Investment Requirement (PhP) Php2,943,389,185 Php2,949,389,185

Total Investment Requirement should tally with the Total Project Cost

Schedule 6: Project Financing

(PhP) Percent (%)

Equity (To be finance by Balitok Trading Corporation-same owner of Negros PH Solar, Inc.)

Php58,867,784 2%

Foreign Partner (under loan) Php2,890,521,401 98%

Total2 Php.2,949,389,185 100%2 Total financing should tally with Total Project Cost in Schedule 5

Schedule 7: Projected Production and Sales Schedule (Y1 is first year of commercial operation)

A. For Non-Power Applications, e.g., bio-fuels, etc.

YearProduction Volume 3 % Capacity

Utilization

Sales Volume Average Selling Price per Unit

Total Projected Sales Value

Domestic Export Domestic

(Php)Export (US$)

Domestic (Php)

Export (US$)

Total (Php

)Y1 n.a n.a n.a n.a n.a n.a n.a n.a n.aY2 n.a n.a n.a n.a n.a n.a n.a n.a n.nY3 n.a n.a n.a n.a n.a n.a n.a n.a n.aY4 n.a n.a n.a n.a n.a n.a n.a n.a n.aY5 n.a n.a n.a n.a n.a n.a n.a n.a n.a

3 Indicate unit of measure (e.g., metric tons, liters, etc.)Note: Projected annual production volume should not exceed the production capacity per year being applied for BOI registration

Assumptions Used in the Projections:- Total number of shifts per day : n.a- Total number of operating days per year : n.a- Total number of capacity determinant machine : n.a- Foreign exchange rate used (Php per US$) : n.a

B. For Power Applications

Year

No. of Generators

/ PV Modules

Capacity per Unit

(W)

Total Rated

Capacity (W)

Operating Hours per Year

Production (kWh) Sales (kWh)

Selling Price

(PhP/kWh)

Sales Value (PhP)

Y1 163,935 304.998 50,000,000 4380 hrs/year

72,992,700 72,992,700 8.69/kwh 634,306,563

Y2 163,935 304.998 50,000,000 4380 hrs/year

72,992,700 72,992,700 8.69/kwh 634,306,563

Y3 163,935 304.998 50,000,000 4380 hrs/year

72,992,700 72,992,700 8.69/kwh 634,306,563

Y4 163,935 304.998 50,000,000 4380 hrs/year

72,992,700 72,992,700 8.69/kwh 634,306,563

Y5 163,935 304.998 50,000,000 4380 hrs/year

72,992,700 72,992,700 8.69/kwh 634,306,563

Note: Formula for Production/Sales (kwh) = Total rated capacity (kw) X Operating hours per year X capacity factor = 50,000 kw X 4380 hours X 33.33%

Formula for Operating hours/year= 12 hours X 365 days = 4380 hours

3

C. Carbon Emission Reductions (CERs)

Year

Carbon Emission

Reductions (CERs) (in MT CO2)

Price of CER

(Equivalent in PhP /MT

CO2)

Gross CER

Revenue (PhP)

Total Revenues

(PhP)

Y1 n.a n.a n.a n.aY2 n.a n.a n.a n.aY3 n.a n.a n.a n.aY4 n.a n.a n.a n.aY5 n.a n.a n.a n.a

Schedule 8: List and Breakdown of Cost of Raw Materials (Y1-Y5)

A. For New and Expansion Projects (IF APPLICATION IS UNDER E.O. NO. 226)Y1 Y2 Y3 Y4 Y5

a. Local Raw Materials n.a n.a n.a n.a n.an.a n.a n.a n.a n.an.a n.a n.a n.a n.an.a n.a n.a n.a n.an.a n.a n.a n.a n.a

Sub-Total n.a n.a n.a n.a n.ab. Imported Raw Materials n.a n.a n.a n.a n.a

n.a n.a n.a n.a n.an.a n.a n.a n.a n.an.a n.a n.a n.a n.an.a n.a n.a n.a n.a

Sub-Total n.a n.a n.a n.a n.aTotal Raw Materials n.a n.a n.a n.a n.a

c. Direct Labor Cost n.a n.a n.a n.a n.ad. Total Overhead Cost n.a n.a n.a n.a n.ae. Total Production Cost (a+ b+c+d) n.a n.a n.a n.a n.a(Provide additional sheet if necessary)

Y1 is first year of commercial operation

B. Modernization Projects - Compliance to 25% Substantial Reduction of Total Production CostProduction Cost

Before Modernization

Production Cost After

Modernization

Substantial Reduction Cost on Production cost

    Amount Difference Percentage(A) (B) A-B = (C) C / TCGS

Total Raw Materials n.a n.a n.a n.a Local n.a n.a n.a n.a Imported n.a n.a n.a n.a

Direct Labor n.a n.a n.a n.aManufacturing Overhead:  n.a n.a n.a n.a

Utilities: n.a n.a n.a n.a Electricity n.a n.a n.a n.a

Water n.a n.a n.a n.a Communication n.a n.a n.a n.a Total Utilities n.a n.a n.a n.a Other Manufacturing Overhead: n.a n.a n.a n.a

Indirect Labor n.a n.a n.a n.a Factory Supplies n.a n.a n.a n.a Insurance Expenses n.a n.a n.a n.a Depreciation & Amortization n.a n.a n.a n.a Repairs & Maintenance n.a n.a n.a n.a Others n.a n.a n.a n.a

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Total Other Manufacturing Overhead n.a n.a n.a n.a

Total Cost of Goods Sold (TCGS)n.a n.a n.a

(25% minimum)

Schedule 9: Jobs Generation/Annual Payroll

Number of Personnel Annual Payroll (PhP)Classification Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5Direct Labor 50 50 50 50 50 PhP4,155,300 hPP4,155,300 PhP4,155,300 PhP4,155,300 PhP4,155,300

Indirect Labor 0 0 0 0 0

Selling/Admin 12 12 12 12 12 PhP1,440,000 PhP1,440,000 PhP1,440,000 PhP1,440,000 PhP1,440,000

Total 62 62 62 62 62 PhP5,595,300 PhP5,595,300 PhP5,595,300 PhP5,595,300 PhP5,595,300

Y1 is first year of commercial operation

1Schedule 10: List of Machinery/ Equipment

A. For New and Expansion Projects

Description / Type of Machine

Check if Country Source End-use4

QtyNo. of units

Unit Cost (Php)

Total Cost (Php)

Already acquire

d

Already installe

d

For acquisitio

nInverter X China Converting

DC power to AC power

1 120,060,000

120,060,000

Generator X Japan Provide back-up energy

1 1,188,000 1,188,000

Modules X China Harness all energy generated from sun (DC)

163,935

12,965 2,125,417,275

Mounting system (module support, sigma post, clamping foot plate, hex nut bolt, base rail,

X China Support and give stability to modules/solar panels

81,967 6,500 532,785,500

SCADA Monitoring system X Singapore/Taiwan

Monitor,gather, process data

6,086,605

Circuit Breaker X local For synchronized opening and closing operation of indl poles

1 8,505 8,505

138 KV Switch Substation, Disconnecting switch, metering system with associated components

X local Interlocked with associated circuit breaker to prevent making or breaking load current.

37,642,000 37,642,000

138KV Transformer X korea To withstand mechanical and thermal stresses caused by short circuit.

1 28,358,000 28,358,000

Plugs and cables X China For power line connection

72,000,000 72,000,000

MV Termination Kit X Malaysia For Medium voltage cable termination installation

1 2,398,000 2,398,000

Connector X China For component cable hook-up

3,500,000

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Total: 2,929,443,885

4 Application or manufacturing stage where the equipment will be used

B. For Modernization Projects (Existing & Replacement)

Process Flow/ Section

Existing Machines & Equipment Replacement Machines & Equipment under Modernization Program

Machine Type/Model

Age/ Year Acquired

Quantity ActualProduction Capacity

End-Use Quantity Production Capacity

Expected Efficiency

n.a n.a n.a n.a n.a n.a n.a n.a n.an.a n.a n.a n.a n.a n.a n.a n.a n.a

(Provide additional sheet if necessary)

Schedule 11: Financial Projections (Note: Not applicable if output of project being applied for registration is for “Own-Use” of the applicant enterprise)

Financial Projections (at least 5 years projection): (preferably in Excel format) - Projected Income Statements (Itemized Cost of Sales and Operating Expenses) without ITH –as attached

For Enterprises with Existing Operations

Schedule 12: Actual Production and Sales Schedule (Volume and Value) - Past Three (3) Years Operations

A. For Non-Power Applications, e.g., bio-fuels, etc.

Year

Intalled Capacity (No. of Units) 5

Production Volume (No. of Units)

Sales Volume (No. of units)

Selling Price per Unit Total Sales Value Foreign Exchange

Rate Domesti

c Export Domestic (Php)

Export (US$)

Domestic (Php)

Export (US$)

(in PhP per USD)

n.a n.a n.a n.a n.a n.a n.a n.a n.a n.an.a n.a n.a n.a n.a n.a n.a n.a n.a n.an.a n.a n.a n.a n.a n.a n.a n.a n.a n.a

5 Indicate unit of measure (e.g., metric tons, liters, etc.)

B. For Power Applications

Year

No. of Generators

/ PV Modules

Capacity per Unit

(MW)

Total Rated

Capacity (MW)

Operating Hours per Year

Production (kWh)

Sales (kWh)

Selling Price

(PhP/kWh)

Sales Value (PhP)

% Actual Dispatch

n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a

ATTACHMENTS:a. Project site should be shown in Google Map, indicating also the applicant’s existing project/s (if any) located

near the proposed. Sketches not acceptable.b. Schematic Diagram showing Business Model of the activity being registered (clearly indicate how the

proponent will earn revenues and make profit).c. DOE Endorsement (if applying under EO 226) or DOE Certificate of Registration (if applying under RA

9513)

The applicant has read the Republic Act 9513 (Renewable Energy Act of 2008), and the Rules and Regulations adopted by the DOE and BOI/ Omnibus Investment Code of 1987 and the Rules and Regulations adopted by the BOI and commit itself to abide by the provisions thereof.

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DONE IN THE CITY/PROVINCE OF THIS

DAY OF

20 .

sgdMARIA CELIA RAMONA S. MONFORT

Applicant/Authorized Officer

REPUBLIC OF THE PHILIPPINESCITY/PROVINCE OF ) S.S.MUNICIPALITY OF )

SUBSCRIBED AND SWORN to before me this day of 20 in the City/Province of affiant exhibited to me his CTCNo. 17262868 issued at City of Mandaluyong onFebruary 17 20 15 .

NOTARY PUBLICUntil Dec. 31,

Doc. No. :Page No. :Book No. :Series of :

SAMPLE FORMAT (Use separate sheet) SECRETARY’S CERTIFICATE

I, ESTHER S. MONFORT, of legal age, Filipino, being the duly elected and qualified Corporate Secretary of Negros PH Solar, Inc., a corporation duly organized and existing under the laws of the Philippines, with office address at UG10 Tower 1, Pioneer Highlands, Mandaluyong City, under oath, do hereby certify that at the special meeting of the Board of Directors of the Corporation held on February 7,2015, the following resolution was unanimously adopted:

RESOLVED, that MARIA CELIA RAMONA S. MONFORT, President, be as it is hereby, authorized to transact, execute and sign all documents in behalf of the Corporation pertaining to its application for registration with the Board of Investments (BOI) for purposes of availing the applicable incentives under the Renewable Energy Act of 2008 (Republic Act No. 9513)/ Omnibus Investments Code of 1987 (Executive Order No. 226) as amended for the proposed Solar Plant Project as Renewable Energy Developer/ (New , which is covered by the Special Laws/ Regular List of the 20___ Investment Priorities Plan (IPP) of the BOI.

IN WITNESS WHEREOF, I have hereunto affixed my signature this __________ day of _____________ 20___ at __________________________.

Sgd. ESTHER S. MONFORTCorporate Secretary

Subscribed and Sworn to before me this __________________ at _______________, affiant exhibited to me his CTC No. ____576-202-334________________ issued on ___Nov.14,2015________________ at Bacolod City_________.

Notary Public Doc. No. _______Page No. _______Book No. _______Series of _______

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