The renewable energy landscape in the Philippines is on the brink of a significant transformation. The Philippine Board of Investments (BOI) has recently granted a green lane certificate for a groundbreaking floating solar power project by Fuego Renewable Energy Corp. (FREC) in Pantabangan, Nueva Ecija. This article will guide you through the journey of this innovative venture and how it promises to shape the future of green energy in the country.
On January 18, 2024, BOI Governor Marjorie Ramos-Samaniego officially awarded the Green Lane Certificate of Endorsement to Mr. Aristotle Natividad, President of FREC. Set to rise on the serene waters of Pantabangan Lake, the Pantabangan Floating Solar Power Plant will be a beacon of renewable energy, marking an investment cost of Php22.6 billion.
This ambitious project, spanning 500 hectares, will generate a staggering 463.995 megawatts (MWac) of solar photovoltaic (PV) power. The project is scheduled for commissioning in 2025, with the energy output pegged for export to the National Grid.
The project site is strategically located within the Pantabangan-Carranglan Watershed Forest Reserve (PCWR), ensuring a minimal environmental footprint while maximizing energy production. The placement of transmission lines and other facilities will fall within the protected area/watershed classification.
The project is not just about harnessing renewable energy; it's also about enhancing the local economy. It is estimated to generate up to 2,000 temporary and permanent job opportunities during the project's construction, commissioning, operations, and maintenance stages.
The green lane certificate is a testament to the government's commitment to fast-tracking renewable energy projects. Mr. Natividad lauded the efficiency of the green lane process in expediting the project's various permitting needs.
FREC's portfolio comprises prominent names such as Ignis Energy Philippines, Inc. (IEP), ZA Global Partnerships, Corp. (ZA Global), and Tierra Sol Local Landholdings Corp., who have played pivotal roles in bringing this project to fruition.
Established on February 24 last year, Executive Order No. 18 set up green lanes within government agencies to hasten the permit and license granting process for strategic energy investments in the country.
OSAC-SI's function is to issue endorsement letters to the DOE, NGAs, and LGUs, designating projects as strategic investments and ensuring swift processing within prescribed timelines under EO 18.
As we look towards the future of renewable energy in the Philippines, the Pantabangan Floating Solar Power Plant stands as a shining beacon of progress. It is a testament to the power of green energy and the potential it holds for our world.
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