MAKATI CITY – Making more investments in renewable energy happen in the Philippines, the Philippine Board of Investments (BOI) granted the green lane certificate for the floating solar power project of Fuego Renewable Energy Corp. (FREC) that will soon rise in Pantabangan, Nueva Ecija.
BOI Governor Marjorie Ramos-Samaniego handed the Green Lane Certificate of Endorsement to Mr. Aristotle Natividad, President of FREC, in a brief awarding ceremony on January 18, 2024.
The company is set to build the Pantabangan Floating Solar Power Plant, a 463.995 megawatts (MWac) floating solar photovoltaic (PV) project in Nueva Ecija. The project has an initial investment cost of P22.6 billion.
Spanning 500 hectares on Pantabangan Lake, the project is scheduled for commissioning in 2025, with its energy output destined for export to the National Grid.
The photo shows (L-R): Mr. Lubin De Vera, Jr., Division Chief of the BOI’s Investments Assistance Service (IAS); Mr. Christian Anthoni Sarasola, Investments Specialist of IAS; Mr. Jerome Sacramento, Project Manager, FREC; Mr. Aristotle Natividad of FREC; Governor Ramos-Samaniego; Mr. Hugo Barriales, Development Director of FREC; Ms. Marivic Aquino. Institutional Relations Director of FREC; and Atty. Bobby Fondevilla, Executive Director of the Investment Assistance Center (IAC).
Notably, the project site is located within the Pantabangan-Carranglan Watershed Forest Reserve (PCWR). The location of the transmission lines and other facilities onshore will fall under the protected area/watershed classification.
On the economic side, the project will be beneficial to Filipinos, as it will generate up to 2,000 temporary and permanent direct job employment opportunities during the Project’s construction, commissioning, operations, and maintenance.
“With this green lane endorsement, let us cooperate to make sure that this project will be in operation by 2025” Governor Ramos-Samaniego told the FREC officials.
In response, Mr. Natividad praised the green lane for expediting the process for the projects concerning renewable energy in the Philippines.
“This is our 4th green lane certificate in our portfolio, and we have experienced positive responsiveness of government agencies and institutions in our various permitting needs. With this latest green lane endorsement, we expect to achieve the same results and materialize our project at the soonest. We are very thankful to President Marcos and the BOI for creating policies that make our country an attractive and efficient market to do business,” Mr. Natividad said.
FREC is composed of Ignis Energy Philippines, Inc. (IEP), ZA Global Partnerships, Corp. (ZA Global), and Tierra Sol Local Landholdings Corp. IEP acts as the technical provider while ZA Global is a prominent Philippine-based renewable energy developer. Tierra Sol engages in real estate activities and has made investments in four power generation companies in 2022.
Executive Order No. 18, approved on February 24 last year, established green lanes within government agencies. With green lanes, through OSAC-SI, the process to grant permits and licenses for strategic energy investments in the country will be expedited.
OSAC-SI issues endorsement letters to the DOE, NGAs, and LGUs, designating projects as strategic investments and ensuring swift processing within prescribed timelines under EO 18. ♦
Date of release: 29 January 2024
