BOI awards green lane for P22.6-B floating solar power project

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 Php22.6 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.

Making It Happen with Fuego Renewable Energy Corp. – Board of Investments (BOI) Governor Marjorie Ramos-Samaniego (fifth from left) awarded the Green Lane Certificate of Endorsement to Mr. Aristotle Natividad (fourth from left), President of FREC, at the BOI Main Office.

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. /