The Board of Investments has approved P9.3 billion worth of investments led by a renewable energy project.
Locally-owned Bukidnon Power Corporation got the nod from the Board of Investments as a renewable energy developer of a 1.6-megawatt hydroelectric power plant in conformity with the Renewable Energy Act of 2008, a government press release said.
“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,” Trade Secretary and BOI Chairman Secretary Gregory Domingo said in the press release.
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 Agusan River to drive a generator and in the process convert the mechanical energy into electrical energy.
Total investment cost of the plant amounted to P106 million.
FBGPC is a wholly owned subsidiary of First Gen Corporation which is controlled by the Lopezes.
The plant was officially turned to FGBPC by the Power Sector and Asset and Liabilities Management Corporation on March 29, 2005, the press release added.
Other BOI projects approved include the housing projects of SM Development Corporation, Aboitiz Land Inc. and Filinvest Land Inc.*