The Board of Investments has greenlit PetroSolar Corp.’s 20 MW solar power expansion project in Tarlac City.
The affiliate of PetroEnergy Resources Corp and EEI Corp. was awarded its Certificate of Registration last September 7 for the 20 MW Tarlac-2 Solar Power Project located in Central Technopark, Tarlac City.
“With BOI’s award of the incentives registration for our Tarlac-2 project, PetroSolar is closer to securing the Confirmation of Commerciality from the Department of Energy (DOE) needed for project construction to begin,” PetroSolar President Milagros Reyes said.
“We are excited by this new investment which will see our solar asset increase in capacity from 50 MW to 70 MW,” she said.
PetroGreen Energy Corp. (PGEC) owns PetroSolar by 56 percent, while EEI Corp. has a 44 percent share.
The 20 MW solar farm is an additional installment to the 50 MW Tarlac-1 solar plant that started its operations in February 2016, which is one of the early qualifiers in the government’s solar feed-in-tariff program.
PGEC also operates the 32 MW Maibarara geothermal project in Batangas, as well as the 36 MW Nabas wind farm in Aklan with other partners .
“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable energy assets in key locations to reach our goal of about 200-400 MW installed capacity in 2-4 years’ time,” said PGEC Vice President and COO Francisco Delfin, Jr.
PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. (PERC).
PERC’s core business is in the production and exploration of petroleum. In 1995, PERC with US partner Vaalco Inc. obtained the Etame Offshore oil block in Gabon West Africa. They also made an oil discovery in the block in 1998 and began in production of oil commercially in 2002.
The company delved into renewable energy development and operation in 2009 to 2010.