Phinma Energy Corp. is targeting hydropower and waste-to-energy projects as it sets its eyes on in expanding their renewable energy portfolio.
“We are prioritizing waste-to-energy because it can solve several issues like municipal waste. We’re looking for a technology for that. We just have to find the right technology,” Phinma Energy president and CEO Francisco Viray said.
The company is also undertaking studies to develop the Ilog hydropower service contract (HSC) in Mabinay, Negros Occidental, Phinma Energy SVP Raymundo Reyes Jr. said.
“The Ilog HSC is in its two-year pre-development phase, basically permitting and engineering studies,” he said.
The power company said that it will pursue the development “assuming the results are positive after the development phase,” Reyes added.
The hydropower project is expected to yield a rated capacity of 21.6 megawatts.
The Ilog hydropower SC is among the indicative projects in the Visayas region, according to data from the Department of Energy (DOE).
Two hydropower projects were awarded to Phinma Energy in the past, however were not pursued for “various reasons.”
Phinma is also set to enter the geothermal energy sector through its subsidiary, Trans-Asia Petroleum Corp.
With this, the company has changed its corporate name to Phinma Petroleum and Geothermal Inc.