Yuchengco-led PetroGreen Energy Corporation (PGEC) has secured approvals from the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR) for its two new solar power projects in Pangasinan and Bohol.
The approved projects are the 25-megawatt (MW)-dc Bugallon project in Pangasinan and the 27MWdc Dagohoy project in Bohol.
“Our final investment decision now awaits the closing of ongoing discussions with selected contractors and project lender,” PetroEnergy Resources Corporation (PERC) AVP Maria Victoria Olivar said in a disclosure to the Philippine Stock Exchange.
Olivar added that the local governments of the two provinces have granted resolutions of support for the solar projects.
PERC president Milagros Reyes said that the two new solar projects help expand PetroGreen Energy’s renewable energy assets as it tones down its upstream petroleum operations and shift to RE in the near future.
These new projects not only contribute to the government’s goal of increasing RE’s share in our generation mix but will also provide fresh investments and critical power supply in two (2) high-growth areas of the country – Bohol, and Pangasinan,” Reyes added.
Three of PetroEnergy’s offshore wind projects were endorsed to the National Grid Corporation of the Philippines for system impact study. The company earlier said that it will be tapping foreign partners for its offshore wind projects.