Filinvest to double capacity of solar project in Misamis

A power unit of Filinvest Development Corp. (FDC) will expand the capacity of its solar project in Misamis Oriental following a wider land allocation from its lessor.

In a statement, FDC Green Energy Corp. said its 11.5-megawatt solar power project at the PHIVIDEC Industrial Estate will nearly double its capacity to 19.78 MW following the conduct of comprehensive feasibility studies.

This as FDCGEC updated its land lease agreement with PHIVIDEC for an additional 7.2 hectares of land to the initial 11.65 hectares allotted for the project.

The project will install more than 34,000 monocrystalline solar panels, which can administer 30,450-megawatt-hour of clean energy yearly into the grid.

“This development aligns with the Filinvest Group’s purpose of enabling Filipino communities to achieve their dreams through energy security,” FDCGEC president and CEO Juan Eugenio Roxas said.

According to the firm, the solar power project can “help electric power industry participants, including electric cooperatives, comply with the Renewable Portfolio Standards (RPS) requirements of the Department of Energy (DOE).”

The market-based RPS policy requires participants to source about 2.52 percent of their annual energy demand from renewable energy (RE) eligible facilities as part of the Philippines’ goal in increasing RE share by 35 percent in 2030.

Among the eligible RE facilities under the RPS is solar power.

“Filinvest is actively pursuing diverse energy projects in anticipation of peak demand growing annually by seven percent until 2040, based on the DOE’s forecast. We believe in working together as a community and remain focused on supplying the energy security requirements of the communities we support,” Roxas said.