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Manila Bulletin devider Business devider Filinvest subsidiary's P4.8-B hydro project secures 'green lane' certification

Filinvest subsidiary's P4.8-B hydro project secures 'green lane' certification

Published Jun 21, 2024 06:54 am

At A Glance

  • At its targeted commercial operation date (COD) in December 2028, the Pampang hydropower project will shore up capacity for the energy-starving Luzon grid.

The P4.8 billion Pampang hydroelectric power project of FDC Renewables Corporation of the Filinvest group, which has an installed capacity of 33.4 megawatts,  had been granted with ‘green lane certificate of endorsement’, based on the approval accorded by the Board of Investments.

With the certification, it was emphasized that the hydropower venture could benefit from ‘streamlined, simplified and automated’ permitting and license application processes for being rated with ‘strategic investment status’ within the purview of Executive Order No. 18.

According to the BOI One-Stop Action Center for Strategic Investments (OSAC-SI), the green lane endorsement “will expedite the approvals for the project, ensuring the swift realization of energy investments in the country.”

FDC Utilities Inc President and CEO Juan Eugenio L. Roxas said the development cycle being cast for the Pampang hydropower project is very timely with the relentless strike of red and yellow alerts – or the very manifest tight supply condition in the main power grid of Luzon.

The company official indicated that given the very urgent need for capacity boost in the country, FDC Renewables will be “expediting the construction and completion of this project,” and such “will not only improve the energy supply for Luzon but will also generate jobs for hundreds of Filipinos and spur development to IP (indigenous peoples) communities” at the project sites.

FDC Renewables qualified that the propounded Pampang hydropower installation will straddle the municipalities of Santa Fe in Nueva Vizcaya and San Nicolas in Pangasinan, hence, it will be contributing much-needed capacity shoring up upon its completion in December 2028.

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo primarily cited the government’s confidence on the project’s commercial fruition, given the track record and investment experience not just of the sponsor-firm, but also its parent-conglomerate Filinvest which has vast development across real estate, banking and financial services, infrastructure as well as in the sugar industry.

The BOI official expounded that upon reaching commercial stream, the Pampang hydropower facility “will substantially contribute to addressing the energy supply gap in Luzon.”

Roxas further highlighted that “the Pampang hydroelectric power project is one of the many initiatives Filinvest is pursuing to help the country attain energy security.”

Heaps of generation companies are currently ramping up construction timeframes of their power projects, anchoring it on the projections of the Department of Energy (DOE) for 5.5% growth in electricity demand through year 2040.

For the Pampang hydropower project, in particular, FDC Renewables conveyed that it already completed the detailed feasibility study – and it is now at the process of securing warranted permits so it can already advance the project to construction and full development phase. 

 

Related Tags

Board of Investments (BOI) Luzon grid Hydropower plant Green lane Filinvest Renewables
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