Filinvest to triple generating capacity in 10 years

Filinvest Development Corporation (FDC), the investment arm of the Gotianun Group, reported that its wholly owned subsidiary FDC Utilities, Inc. (FDCUI) plans to triple its generating capacity from the current 411MW to 1,350MW by 2033.

In a disclosure to the Philippine Stock Exchange (PSE), Filinvest said that 71 percent of the increase in generating capacity is expected to come from renewable energy.

“The plan supports government efforts to ensure energy security in the country where peak demand is expected to grow by 5.5 percent annually until 2030 based on the Power Development Plan (2023-2050) of the Department of Energy,” the firm said.

It said that this also supports the national government’s drive to increase the share of renewable energy in the country through its projects.

“We are committed to doing our part in ensuring that our country has a stable supply of energy for both the short and long term. This will support the country’s economic development and build its resiliency against unexpected adverse changes in the supply of energy,” said FDCUI President and CEO Juan Eugenio Roxas.

He noted that “while thermal power remains a large and vital component of our country’s energy mix for the medium term, we also support that renewable energy is the way forward, and we are aligning with the DOE’s plan to build more renewable energy projects.”

FDCUI is currently building its first large-scale solar power project within the PHIVIDEC Industrial Estate in Misamis, Oriental.

With an estimated investment of over half a billion pesos, the 20MW Misamis Solar Power Project can inject 30,450 megawatt-hours of clean energy annually into the grid.

Filinvest subsidiary Cotabato Sugar Central Co. Inc. (CSCCI) has also completed and commenced commercial operations of its 3.4MW biomass power project in Barangay Kilada, Matalam, North Cotabato.

Likewise in the pipeline are the combined 15MW commercial and industrial solar projects in Cebu and Laguna and the 11MW Cotabato Solar Power Project, targeted for completion in 2025 and 2026, respectively.

Recently, Filinvest’s FDC Renewables Corporation was awarded by the Board of Investments (BOI) with a Green Lane Certificate of Endorsement to fast-track the development of its 33.4MW Pampang Hydroelectric Power Project located in the municipalities of Santa Fe, Nueva Vizcaya, and San Nicolas, Pangasinan.

In keeping with the company’s commitment to energy security and to avert a situation where the country may experience continuous brownouts in the near future, as already manifested by the numerous yellow and red alerts regarding the sufficiency of our power supply, FDCUI will build its committed 135MW baseload capacity expansion project in Misamis Oriental, previously approved by the Department of Energy in 2019.

FDCUI recently signed an agreement with Northeast Electric Power Engineering Corp. (NEPC) to build the additional capacities from both renewable and baseload projects – the 20MW PHIVIDEC solar project and the 135MW Misamis expansion, which are expected to serve the energy needs, not only of the Mindanao region but also of Luzon and Visayas.

FDCUI’s existing plants utilize the Circulating Fluidized Bed boiler technology which provides higher plant reliability and higher steam generator efficiency.

Filinvest’s commitment to sustainability led the company to adopt this technology which costs more to build and operate but significantly reduces carbon emission intensities.

FDCUI’s initiatives align with government efforts to strengthen the country’s energy security and increase the adoption of renewable energy sources.