A 20 MW solar power plant expansion is in the horizon for Tarlac.
Pending the Department of Energy’s (DOE) approval of commerciality confirmation, PetroSolar Corp (PSC) is in line to begin construction on their Tarlac-2 solar power station expansion project.
PetroGreen Energy Corp. (PGEC), the renewable energy unit of Yuchengco-led PetroEnergy Resources Corp. (PERC), owns 56 percent of PSC; 44 percent of PERC is owned by affiliate EEI Corp.
Once constructed, the expansion will result in a total capacity of 70 MW.
“When completed in second quarter of 2019 as programmed, it will make PSC’s Tarlac city solar site with 70MW(dc) of installed capacity the second largest solar energy generating facility in the country,” the firm said.
The solar power expansion project was recently awarded a Certification of Registration approved by the Board of Investments (BOI), which makes it entitled to receive incentives that will help bring the company closer to the construction phase.
Aside from the solar power expansion project, PERC is also eyeing the expansion of its 36 MW Nabas-1 wind farm in Aklan under PetroWind Energy Inc. (PWEI).
“PWEI is completing technical and financial feasibility studies for its planned 14-MW Nabas-2 investment in Aklan in the midst of increasing electricity demand in the province, led by Boracay’s eco-tourism growth,” the company said.
The said wind facility was one of the crucial projects of PERC when it comes to growing its income in the nine months ending September.
From January to September, the firm logged a consolidated net income of $9.77 million, which is a 27 percent increase from $7.71 million in the same period last year.
The net income attributed to the equity holders of the company also increased by 40 percent from $4.18 million to $5.88 million.
Additional revenues from its 12 MW Maibarara-2 geothermal plant was also cited. Its commercial operations began earlier in April.
PERC was originally involved in petroleum exploration and production. Along with its US parner Vaalco Inc., it secured the Etame Offshore oil block in Gabon, West Africa in 1995, and began commercial oil production in 2002.
It delved into renewable energy development and operation in 2009-2010.