by Myrna Velasco December 18, 2015 (updated)
http://www.mb.com.ph/trans-asias-san-lorenzo-wind-project-granted-fit-coc/
The 54-megawatt San Lorenzo wind
power project of Trans-Asia Renewable Energy Corporation will now start
contributing favorably to its bottom line following regulatory approval of its
certificate of compliance (COC) on feed-in-tariff (FIT) availment.
The wind facility’s FIT-COC was
formally handed down by the Energy Regulatory Commission (ERC) last December
11, 2015.
That then officially signaled the
project’s entitlement to a FIT incentive based on the second wave approval for
wind technology – which the ERC had set at P7.40 per kilowatt -hour.
The facility’s FIT availment shall
be retroactive from its stamped commercial operation date on December 27, 2014
and will last for 20 years or until December 26, 2034.
The project’s corporate vehicle
TAREC is the renewable energy (RE) investment unit of Phinma-led Trans-Asia Oil
and Energy Development Corporation.
According to Trans-Asia president
Francisco L. Viray, the company will likely be able “to recognize revenues”
from its wind farm on its financial results this year.
He similarly indicated that the
company is poised to “move ahead with additional projects to expand our
renewable energy portfolio as our contribution to addressing climate change.”
TAREC vice president Danilo L. Panes
has added that their wind farm will supplement the power supply of Panay
island, hence, easing the grid’s reliance on power being injected from plant
capacities in Negros.
Trans-Asia is among the country’s
energy players that continually expands its capital outlay for power projects –
not just on RE ventures but also on conventional technologies underpinning the
power industry’s base load requirements.
In its recent financial performance
report, the company indicated the five-fold hike on its net income to P397
million as of end-September this year from P59 million on a comparative period
in 2014.
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