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Filinvest unit plans to expand solar project
Filinvest unit plans to expand solar project
Business Mirror | Lenie Lecture | January 30, 2024
FDC Green Energy Corp. (FDCGEC), a subsidiary of the Filinvest Group, announced Monday plans to expand its first solar power project in Mindanao to nearly 20 megawatts (MW).
The company had planned to put up a 11.5MW solar power project to provide locators in Phividec Industrial Estate in Misamis Oriental with renewable energy (RE). Company president Juan Eugenio Roxas said the capacity of the soon-to-rise solar power project will increase by 95 percent.
Roxas is also the president and CEO of Filinvest’s power arm, FDC Utilities Inc. and its subsidiaries, including FDCGEC.
The expansion, he said, 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 requirement under the Renewable Portfolio Standards (RPS) of the Department of Energy (DOE).
Starting 2023, 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,” Roxas said.
FDCGEC, he said, has identified opportunities to maximize the output of the solar power project after conducting comprehensive feasibility studies, increasing the capacity from 11.5 MW to 19.78 MW.
“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.”
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.
FDCGEC recently updated its land lease agreement with the Phividec Industrial Estate, adding 7.2 hectares of land to the existing 11.65 hectares allotted for the project.
Upon completion, the project can provide over 21,000 tons of CO2 savings annually, which will help Phividec locators reduce the environmental impact of industrial operations while utilizing a sustainable and cost-effective energy solution.
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