FDC Utilities, Inc., the power utility arm of Filinvest Development Corporation (FDC), has switched on its 2.8 megawatt-peak solar power project on the rooftop of Festival Mall in Alabang, Muntinlupa City.
Composed of 5,303 photovoltaic solar panels, the solar rooftop project will supply about 28% of the mall’s peak demand and save close to 41,000 tons of carbon dioxide — the equivalent to removing approximately 9,000 cars off the roads of Metro Manila.
The project was particularly built by Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE), a joint venture company of FDC Utilities and ENGIE Services Philippines.
FREE signed a 20-year solar power purchase agreement with Filinvest Land, Inc. relative to the project last year.
Festival Mall likewise benefits from the project’s build, own, operate and transfer model because it requires no upfront capital expenditure. FREE invests solely and recovers the cost through an electricity tariff paid by Festival Mall over the course of the contract.
For the Filinvest Group, the sustainability feature provides a compelling financial reason to complement one’s energy sources with renewable solar solutions, given the newest technology and reduced cost of solar power.
“This partnership is a testament to how we can shape and help accelerate the Philippines’ effort in mitigating global warming. Our strategic alliance with ENGIE has established past track records of success and proven end-to-end low carbon expertise. We are confident that together, we can push forward the frontiers on the energy transition and meet our ambitious goals,” FREE President and CEO Juan Eugenio Roxas said in a statement.
“By partnering with Filinvest, one of the Philippines’ largest conglomerates with expertise and proven track record on property development and a forward-thinking group which is taking bold steps towards sustainability, ENGIE is delighted to play a pivotal role in helping the country grow its economy sustainably and to contribute to building the momentum on climate action and decarbonization,” said Thomas Baudlot, CEO Energy Solutions APAC and Country Head at ENGIE South East Asia.