HYDRO POWER. Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo (4th from left) hands the green lane certificate of endorsement to Juan Eugenio Roxas, President and Chief Executive Officer of FDC Utilities, Inc. (5th from left) at the BOI main office in Makati City on June 11, 2024. The investment for this project is worth PHP4.8 billion. (Courtesy of BOI)
MANILA – The Board of Investments (BOI) said Friday it has granted Certificate of Green Lane Endorsement to FDC Renewables Corp. for its 33.4-megawatt Pampang Hydroelectric Power Project in Nueva Vizcaya worth PHP4.8 billion.
The green lane endorsement was awarded last June 11, and is part of the PHP2.32 trillion worth of projects certified by the BOI’s One-Stop Action Center for Strategic Investments since February 2023.
The project will augment power supply in the Luzon grid and will support the renewable energy (RE) goals of the government.
“This endorsement couldn't have come at a more opportune time. With constant red and yellow alerts of the three grids, expediting the construction and completion of this project will not only improve the energy supply for Luzon but will also generate jobs for hundreds of Filipinos and spur development to IP communities in the area,” FDC Utilities, Inc. (FDCUI) president and chief executive officer Juan Eugenio Roxas said on Friday.
FDC Renewables is a unit of the FDCUI, the utility arm of Filinvest Development Corp.
“The Pampang Hydroelectric Power Project is one of the many initiatives Filinvest is pursuing to help the country attain energy security,” Roxas added.
In 2030, the government targets RE share in the total energy mix at 35 percent and 50 percent by 2040.
With the BOI’s green lane endorsement, processing of permits and licenses related to FDC Renewables’ Pampang hydro project should be fast tracked by concerned national government agencies and local government units. (PNA)
