Filinvest unit’s P4.8 billion project gets green lane certificate

MANILA, Philippines — The Board of Investments (BOI) has granted a green lane certificate of endorsement to FDC Renewables Corp.’s Pampang hydroelectric power project, valued at around P4.8 billion.

Pursuant to Executive Order 18, the certification will help streamline, simplify and automate the permit and license application processes for the project, with approvals expected to be expedited to ensure swift realization of the investment.

Trade Undersecretary and BOI managing head Ceferino Rodolfo and officials from the BOI One-Stop Action Center for Strategic Investments (OSAC-SI) presented the certificate to FDC Renewables.

The company, a wholly owned unit of FDC Utilities Inc. (FDCUI), the utility arm of Filinvest Development Corp., expects the 33.4-megawatt project to help the country achieve energy security.

Given the constant alert notices on the power grids, FDCUI president and CEO Juan Eugenio Roxas said expediting the project’s development would not only improve energy supply but also create jobs and boost the local economy.

FDC Renewables said it completed a detailed feasibility study for the project, which straddles the municipalities of Santa Fe, Nueva Vizcaya, and San Nicolas, Pangasinan.

The company is now seeking necessary permits to start construction of the hydropower project, set to commence operations in December 2028.

Rodolfo said the Filinvest project can significantly contribute to addressing the energy supply gap in the Luzon grid.

The main grid’s power supply is seen growing at an average of 5.5 percent annually from 2022 until 2040, according to the Department of Energy.

Despite the pandemic’s impact on near-term demand, projections were said to have suggested a return to original growth estimates in the next six years.

The hydro project has been endorsed by OSAC-SI to relevant government agencies, citing its strategic investment status.

Permit and license applications will comply with the prescribed processing time table outlined in the agency’s citizen’s charter.

Based on the BOI’s June 14 data, a total of 71 green lane certificates have been issued since 2023.