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Filinvest unit signs deal with PHIVIDEC to expand Misamis Oriental solar site

Filinvest unit signs deal with PHIVIDEC to expand Misamis Oriental solar site

Manila Standard | Alena Mae Flores | January 28, 2024
Filinvest Development Corp. subsidiary FDC Green Energy Corp. (FDCGEC) signs a deal with PHIVIDEC Industrial Authority to expand the land area of its first solar power project in Misamis Oriental and increase its energy output by 95 percent. Signing the land lease agreement are (from left) FDCGEC president and CEO Juan Eugenio Roxas and PHIVIDEC Industrial Authority administrator and CEO Joseph Donato Bernedo.

 

The Filinvest Group announced over the weekend plans to expand the capacity of its planned solar power project at the PHIVIDEC Industrial Estate in Misamis Oriental to 19.97 megawatts from 11.5 MW.

Filinvest subsidiary FDC Green Energy Corp. (FDCGEC) identified opportunities to maximize the project’s solar output after conducting comprehensive feasibility studies that would increase its capacity.

“We are excited to share the positive outcome of our feasibility studies, which have paved the way for the expansion of our first solar power project in Mindanao,” said Juan Eugenipo Roxas, president of Filinvest’s power arm FDC Utilities Inc. and FDCGEC.

“This development aligns with the Filinvest Group’s purpose of enabling Filipino communities to achieve their dreams through energy security,” he said.

The project involves the installation of more than 34,000 monocrystalline solar panels, which can inject 30,450 megawatt-hours of clean energy annually into the grid that can help electric power industry participants, including electric cooperatives comply with the Renewable Portfolio Standards (RPS) requirements of the Department of Energy.

RPS mandates participants to source 2.52 percent of their annual energy demand from eligible RE facilities to support the country’s goal of increasing the RE share in the energy mix to 35 percent by 2030.

“Filinvest is actively pursuing diverse energy projects in anticipation of peak demand growing annually by 7 percent until 2040, based on the DOE’s forecast. We believe in working together as a community and remain focused on supplying the energy security requirements of the communities we support,” said Roxas.

The PHIVIDEC Industrial Estate is one of the country’s major economic zones, home to a multitude of manufacturing and industrial corporations that make a substantial contribution to the economy of the country.

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Filinvest unit signs deal with PHIVIDEC to expand Misamis Oriental solar site