PHINMA Energy has entered into a contract with the Department of Energy to explore and develop a solar energy resource in the Batangas province.
In a disclosure to the Philippine Stock Exchange, PHINMA said that they were granted an exclusive right to “explore, develop, and utilize the solar energy resource in a 486-hectare area in the City of Lipa and Municipality of Padre Garcia in Batangas.”
With the exploration, PHINMA is looking to construct a 45 megawatt (MW) solar plant with in the contract area. The service contract has a span of 25 years and can be expanded for another 25.
According to a report by Rappler, PHINMA said that the company will prioritize on adding renewable energy to its portfolio in lieu of coal power.
Its renewable energy arm, the Trans-Asia Renewable Energy Corp., is currently operating a 54 MW wind farm in San Lorenzo, Guimaras.