Filinvest pours P1-B for Mindanao solar power deal
The project operates under a 25-year solar energy operating contract awarded by the DoE.
The project operates under a 25-year solar energy operating contract awarded by the DoE.
Filinvest Group has launched a P1-billion utility-scale solar power project in Misamis Oriental, adding new renewable energy capacity in Mindanao as power demand continues to grow.
The project, developed by FDC Green Energy Corp. (FDC Green), a wholly owned subsidiary of FDC Utilities Inc. (FDCUI), is a 20.774-megawatt peak (MWp) solar facility located inside the PHIVIDEC Industrial Estate.
The facility is expected to generate about 30.2 million kilowatt-hours of clean energy annually, supporting the Department of Energy’s (DoE) projected 5.5 percent annual peak-demand growth through 2030.
Energy Secretary Sharon Garin described the project as the country’s first utility-scale solar facility integrated with a thermal baseload plant.
“This project is one of 22 renewable energy projects being closely monitored by the DoE, which has been pushing for their completion this month. You are among those who delivered,” Garin said.
The project operates under a 25-year solar energy operating contract awarded by the DoE.
“We are thrilled to officially bring our first utility-scale solar project online to support the country’s aggressive green energy targets. Our facility utilizes advanced bifacial solar panels to capture sunlight on both the front and back surfaces, resulting in a higher energy yield, generating 30 percent more energy than conventional panels,” FDC Green president and CEO Juan Eugenio Roxas said.
Filinvest said the higher energy output is expected to help maintain supply during daylight hours and support grid reliability.
At full capacity, the facility is projected to reduce carbon emissions by around 21,000 metric tons annually, equivalent to removing about 4,500 passenger vehicles from the road each year.
