P22.6-B floating solar plant green laned
‘With this green lane endorsement, let’s work together to ensure this project launches by 2025’
Daily Tribune‘With this green lane endorsement, let’s work together to ensure this project launches by 2025’
A P22.6 billion, 463.995-megawatt floating solar photovoltaic project in Pantabangan, Nueva Ecija has secured fast-track approval from the Board of Investments, or BoI.
Fuego Renewable Energy Corp.’s project received the green lane certification on 18 January 2024, from BoI Governor Marjorie Ramos-Samaniego.
Spanning 500 hectares on Pantabangan Lake, the project is slated to begin operation in 2025, feeding its clean energy output to the National Grid. While the project site lies within a protected area, careful measures will ensure minimal environmental impact.
Economically, the project promises significant benefits. During construction, commissioning, and ongoing operations, it will generate up to 2,000 temporary and permanent jobs for Filipinos.
“With this green lane endorsement, let’s work together to ensure this project launches by 2025,” Ramos-Samaniego urged.
FREC president Aristotle Natividad applauded the initiative, highlighting its role in streamlining renewable energy project approvals.
Positive gov’t backing
“This is our fourth green lane certificate, and we’ve consistently experienced positive support from government agencies for our permitting needs. We expect similar results for this project and aim to materialize it quickly. We thank President Marcos and the BoI for creating policies that make the Philippines an attractive and efficient market,” Natividad stated.
To date, the BoI has greenlighted 36 projects with a total value of P1.196.88 trillion ($21.44 billion). Undersecretary Ceferino Rodolfo, BoI managing head, aims to certify at least 22 more projects this year.
FREC is a collaboration between Ignis Energy Philippines Inc. (IEP), ZA Global Partnerships, Corp. (ZA Global), and Tierra Sol Local Landholdings Corp. IEP provides technical expertise, ZA Global brings extensive Philippine renewable energy development experience, and Tierra Sol contributes its real estate expertise and prior investments in power generation companies.
This swift approval for FREC’s project demonstrates the Philippine government’s commitment to attracting and facilitating renewable energy investments, contributing to a cleaner and more sustainable future.
