THE Board of Investments (BoI) on Friday announced it granted a Green Lane endorsement to Filinvest Renewable Corp.'s P4.8-billion hydroelectric power project with an energy production capacity of 33.400 megawatts.

The BoI awarded the Green Lane certificate of endorsement to the company's Pampang Hydroelectric Power Project on June 11.FDC Renewables is a fully owned subsidiary of FDC Utilities Inc. (FDCUI), the utility arm of Filinvest Development Corp. The project will utilize a run-of-river hydro scheme and will span the municipalities of Santa Fe, Nueva Vizcaya, and San Nicolas in Pangasinan.Trade Undersecretary Ceferino Rodolfo, also the BoI managing head, said the Pampang Hydroelectric Power Project will play a significant role in mitigating the energy supply gap in Luzon.The Department of Energy forecasts the Luzon grid's supply to grow at an average of 5.5 percent annually from 2022 to 2040, indicating a return to original growth estimates by 2030.FDC Renewables is currently obtaining the required permits to begin construction after finalizing the comprehensive feasibility study for the project. This initiative is expected to generate jobs for at least 300 Filipinos, with operations slated to start in December 2028.FDCUI President and Chief Executive Officer Juan Eugenio Roxas said that the Green Lane endorsement is very timely, especially with constant red and yellow alerts of the Luzon 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," Roxas said.He added that the Pampang Hydroelectric Power Project is one of the many initiatives FDC Renewables is pursuing to help the country attain energy security.As of June 20, investments worth P2.3 trillion have been approved for Green Lane service since last year. A total of 74 projects were approved, most of which are for the renewable energy sector.In 2024, 48 companies, including FDC Renewables, were awarded Green Lane Certificates for their projects.President Ferdinand Marcos Jr. signed Executive Order 18 last year to create strategic investment Green Lanes to reduce the cost of doing business in the Philippines.