BOI Accelerates P4.8 Billion Hydroelectric Project in Nueva Vizcaya

NUEVA VIZCAYA — The Board of Investments (BOI) has issued a Certificate of Green Lane Endorsement to FDC Renewables Corp. for its Pampang Hydroelectric Power Project, aimed at boosting the power supply in Luzon’s grid and furthering the government’s renewable energy targets.

According to Philippines News Agency, the endorsement, which was awarded on June 11, facilitates the P4.8 billion project that is part of the PHP2.32 trillion worth of projects greenlit by the BOI’s One-Stop Action Center for Strategic Investments since its inception in February 2023. This move is expected to expedite the project’s completion and enhance the energy supply stability for Luzon, while also providing significant employment opportunities and stimulating development in Indigenous Peoples (IP) communities in the vicinity.

Juan Eugenio Roxas, president and CEO of FDC Utilities, Inc. (FDCUI)—the utility arm of Filinvest Development Corp and parent company of FDC Renewables—highlighted the project’s timely approval amidst frequent power supply warnings across the Philippines’ grids. “This endorsement couldn’t have come at a more opportune time. With constant red and yellow alerts of the three grids, expediting the construction and completion of this project will not only improve the energy supply for Luzon but will also generate jobs for hundreds of Filipinos and spur development to IP communities in the area,” said Roxas.

The Pampang Hydroelectric Power Project is one of several initiatives by Filinvest to support the country’s goal of achieving energy security. By 2030, the Philippine government aims to increase the renewable energy share in the total energy mix to 35 percent, and to 50 percent by 2040. The green lane endorsement from the BOI ensures that all permits and licenses required by FDC Renewables for the hydro project will be processed swiftly by relevant national and local government entities.