BOI grants green lane certificate to Filinvest’s Php4.8-B hydroelectric power project in Pangasinan and Nueva Vizcaya  

June 21, 2024
by Filinvest Development Corporation
BOI grants green lane certificate to Filinvest’s Php4.8-B hydroelectric power project in Pangasinan and Nueva Vizcaya

The Philippine Board of Investments (BOI) has awarded the Green Lane Certificate of Endorsement to the 33.400 MW Pampang Hydroelectric Power Project of FDC Renewables Corporation (FDC Renewables) utilizing a run-of-river hydro scheme. This Project, which is identified as a Strategic Investment pursuant to E.O. 18, straddles along the municipalities of Santa Fe, Nueva Vizcaya, and San Nicolas, Pangasinan.

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo, along with officials from the BOI One-Stop Action Center for Strategic Investments (OSAC-SI), presented the Green Lane Certificate to FDC Renewables, a wholly-owned subsidiary of FDC Utilities, Inc., the utility arm of Filinvest Development Corporation.

Undersecretary Rodolfo noted that Filinvest, as one of the leading conglomerates in the country, boasts diversified investments, extensive experience, and expertise in the real estate, banking and financial services, sugar, infrastructure, and power generation sectors.

He highlighted that hydropower projects have significant energy potential, and the Pampang Hydroelectric Power Project will substantially contribute to addressing the energy supply gap in Luzon.

Mr. Juan Eugenio L. Roxas, President and Chief Executive Officer of FDCUI, said “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.” He added, “the Pampang Hydroelectric Power Project is one of the many initiatives Filinvest is pursuing to help the country attain energy security”.

With an estimated investment of Php4.8 billion and an energy production capacity of 33.400 megawatts (MW), the Project is expected to help the Luzon grid’s supply, which the DOE forecasts to grow at an average of 5.5 percent per year from 2022 to 2040. Despite the pandemic’s impact on near-term demand, projections suggest a return to original growth estimates by 2030.

FDC Renewables has completed a detailed feasibility study for the Project and is in the process of securing the necessary permits to initiate construction, which will generate employment for at least 300 Filipinos. Operations are set to commence in December 2028.

Established through Executive Order No. 18, the green lanes for strategic investments aim to streamline, simplify, and automate the permit and license application processes for strategic investments, such as energy projects. The BOI OSAC-SI will expedite the approvals for these projects, ensuring the swift realization of energy investments in the country.

Moreover, OSAC-SI has endorsed the Project to relevant government agencies, emphasizing its strategic investment status. Permit and license applications will adhere to the prescribed processing times outlined in the agency’s Citizen’s Charter.

In 2024, 48 companies, among them FDC Renewables, were awarded Green Lane Certificates for their projects. As of June 14, 2024, the BOI has granted a total of 71 Green Lane Certificates since 2023.