Philippine Board Of Investments Fast-Tracks Fuego Renewable Energy Corp.’s P22.6 Billion Pantabangan Floating Solar Project

In a significant stride towards advancing renewable energy initiatives in the Philippines, the Philippine Board of Investments (BOI) has granted the coveted green lane certificate to Fuego Renewable Energy Corp. (FREC) for its ambitious Pantabangan Floating Solar Power Plant. The momentous occasion took place during a brief awarding ceremony, where BOI Governor Marjorie Ramos-Samaniego presented the Green Lane Certificate of Endorsement to Mr. Aristotle Natividad, President of FREC.

The Pantabangan Floating Solar Power Plant is poised to be a game-changer in the renewable energy landscape, boasting a substantial 463.995 megawatts (MWac) floating solar photovoltaic (PV) project in Nueva Ecija. With an estimated initial investment of P22.6 billion, this venture signifies a significant step towards a greener and more sustainable future for the nation.

Spanning an expansive 500 hectares on Pantabangan Lake, the project is strategically located within the Pantabangan-Carranglan Watershed Forest Reserve (PCWR). This designation emphasizes the commitment to environmental sustainability, aligning with the project’s objective of contributing clean energy to the grid while respecting protected areas.

The Pantabangan Floating Solar Power Plant is projected to be commissioned in 2025, with its energy output earmarked for export to the National Grid. This initiative holds economic promise for the country, set to generate up to 2,000 temporary and permanent direct job opportunities during various phases, including construction, commissioning, operations, and maintenance.

Governor Ramos-Samaniego, addressing FREC officials during the ceremony, emphasized the collaborative effort needed to ensure the project’s operationalization by 2025. Mr. Natividad, in response, expressed gratitude for the green lane endorsement, citing its role in expediting the permitting process for renewable energy projects in the Philippines. He lauded the positive responsiveness of government agencies and institutions, noting that this marks their fourth green lane certificate in their portfolio.

FREC, a conglomerate comprising Ignis Energy Philippines, Inc. (IEP), ZA Global Partnerships, Corp. (ZA Global), and Tierra Sol Local Landholdings Corp, brings together technical expertise, local renewable energy development, and real estate engagement for a holistic approach to sustainable energy.

The green lane certificate, established under Executive Order No. 18 approved on February 24, 2023, facilitates the expedited processing of permits and licenses for strategic energy investments in the country. Through the One-Stop Action Center for Strategic Investments (OSAC-SI), the government ensures swift processing within prescribed timelines, reinforcing the commitment to a sustainable and energy-efficient future.