Filinvest ventures into solar rooftops
FDC Utilities Inc. (FDCUI), a subsidiary of Filinvest Development Corp., has signed a joint-venture deal with ENGIE Services (Philippines), formerly Cofely Philippines, to put up Filinvest-ENGIE Renewable Energy Enterprise Inc. (FREE) to develop solar energy rooftop systems for Philippine customers.
The company said that their systems would allow customers to save up to 30 percent of their energy spend while reducing their carbon footprint and increase grid reliability.
The partnership is the second collaboration between the Filinvest group and ENGIE, having concluded a joint-venture agreement for the incorporation of Philippine DCS Development Corp. (PDDC) to develop and operate a District Cooling System (DCS) in Northgate Cyberzone. The firm said these projects underlined their commitment to the Philippines to invest and operate sustainable energy solutions.
FDCUI seeks to empower communities by providing reliable and affordable electricity all over the country. Backed by a strong management team with long experience in the power sector, FDCUI said it was bringing along a seasoned approach in developing energy projects across the country. It also aims to achieve sustainable growth through a diverse portfolio as it explores potential renewable energy sources including hydro and biomass projects. This initiative is considered a key movement toward achieving the common purpose of FDCUI and ENGIE.
“We look forward to this milestone. The partnership is a wonderful opportunity for us to pursue new markets while steadfastly addressing the country’s relevant and pressing energy needs. FREE will strengthen FDCUI’s resolve in building sustainable Filipino communities,” said FDCUI president and CEO Juan Eugenio L. Roxas.
ENGIE will bring along its knowhow and experience acquired through the installation of 700 MW of rooftop solar outside the Philippines. The projects will reduce Philippine dependence on fossil fuel and generate savings through renewable energy and energy efficiency projects.
“As a leading global energy developer, we’re proud to partner with the Filinvest group, to support the growth of the local clean energy economy. With this joint agreement, we can leverage the potential of solar energy across the region, helping us make important progress toward promoting our clean energy generation agenda,” said Pierre Cheyron, CEO of ENGIE Services Asia-Pacific.
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