The Board of Investments (BOI) has approved P9.3 billion worth of investments, led by renewable energy projects.
Locally-owned Bukidnon Power Corporation (FGBPC) got the nod from the BOI as a renewable energy developer of a 1.6-megawatt (MW) hydroelectric power plant in conformity with the Renewable Energy Act of 2008 (Republic Act No. 9513).
“This will ensure a stable supply of electricity within the underlying areas and a welcome relief for the environment in lieu of the usual coal-fired plants that makes up the bulk of power generators in Mindanao,” said Trade secretary and BOI chairman Secretary Gregory L. Domingo.
The plant is located in Damilag, Manolo Fortich, Bukidnon which is about 36 kilometers from Cagayan de Oro City.
It covers an area of 13,959 hectares. The plant will utilize flowing water from the Agusan River to drive a generator and in the process convert the mechanical energy into electrical energy.
Total investment cost of the plant will amount to P106 million.
FBGPC is a wholly owned subsidiary of First Gen Corporation which is controlled by the Lopezes.
The plant was officially turned over to FGBPC by the Power Sector and Asset and Liabilities Management Corporation (PSALM) on March 29, 2005.
Other BOI projects approved include the housing projects of SM Development Corporation, Aboitiz Land Inc. and Filinvest Land Inc. [PNA]
