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Filinvest’s soon-to-rise solar power project in Mindanao increases capacity by 95%

Filinvest subsidiary FDC Green Energy Corporation (FDCGEC) seals the deal with PHIVIDEC Industrial Authority to expand the land area of its first solar power project in Misamis Oriental, increasing its energy output by 95%. In the photo are (from L-R) FDCGEC President and CEO Juan Eugenio L. Roxas and PHIVIDEC Industrial Authority Administrator and CEO Atty. Joseph Donato J. Bernedo at the recently concluded land lease agreement signing.

Misamis Oriental, 29 January 2024 – The Filinvest Group will expand its soon-to-rise solar power project in the PHIVIDEC Industrial Estate in Misamis Oriental by 95%. Project proponent Filinvest subsidiary FDC Green Energy Corporation (FDCGEC) has identified opportunities to maximize the output of the 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,” said Juan Eugenio L. Roxas, President and CEO of Filinvest’s power arm, FDC Utilities, Inc. and its subsidiaries, including FDCGEC. “This development aligns with the Filinvest Group’s purpose of enabling Filipino communities to achieve their dreams through energy security,” he noted.

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. Starting in 2023, RPS mandates participants to source 2.52% 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% by 2030.

“Filinvest is actively pursuing diverse energy projects in anticipation of peak demand growing annually by 7% 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,” highlighted 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.

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. Besides energy and environmental benefits, the project can generate more than 200 jobs during construction and maintenance, giving livelihood opportunities to nearby residents.

FDCGEC has secured the necessary permits and is undergoing a system impact study (SIS) by the National Grid Corporation of the Philippines. ###

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