Filinvest-ENGIE Renewable Energy Enterprise, Inc. (FREE), a joint venture company of FDC Utilities, Inc., the power utility arm of Filinvest Development Corp (FDC), and ENGIE Services Philippines, starts the commercial operation of its first project, a 2.8 MWp solar rooftop solution at Filinvest Land Inc.’s Festival Mall in Alabang. In 2020, FREE had signed a 20-year solar power purchase agreement in Filinvest Land, Inc. (FLI) and had since completed the installation of 5,303 photovoltaic solar panels on the rooftops of Festival Mall.
Aerial view of photovoltaic solar panels on the rooftops of Festival Mall
The intelligent solar rooftop system will supply about 28 percent of the mall’s peak demand and save close to 41,000 tons of CO2, an equivalent to removing approximately 9,000 cars off the roads of Metro Manila.
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.
Filinvest-ENGIE Renewable Energy Enterprise Inc workers installing photovoltaic solar panels on the Festival Mall rooftop.
Juan Eugenio Roxas, President and CEO of FREE, in a statement said “We are committed to building sustainable and resilient communities and environments. ENGIE is the right partner to provide cutting-edge solutions at scale and to deliver innovative clean solutions. 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.”
Filinvest Senior Vice President for Mixed-Use/HRB and Retail Joey F. Santos said that sustainability and protecting the environment are part of the core values of Filinvest Land. “This engagement with FREE is consistent with our core values at Filinvest Land. This solar power project, apart from the benefit of reducing our power costs at Festival Mall, more importantly, allows us to reduce its carbon footprint. It will only be the first of many sustainability initiatives that we will be undertaking at Lifemalls by Filinvest.”
“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, Country Head Southeast Asia at ENGIE South East Asia. “We believe that the solutions jointly developed on FDC’s assets will provide a competitive environmental, social and governance edge for the company and help improve social outcomes for communities.”
The initiative hopes to support the country’s national agenda of combatting the side effects of climate change, the advancement of the renewable energy sector, and its transition to clean energy.