Updated July 8, 2017, 5:47 PM By Myrna M. Velasco
Publicly listed PHINMA Energy Corporation casts on blueprint a 45-megawatt solar farm installation that it targets to advance into commercial development following the enforcement of the renewable portfolio standards (RPS) in the renewable energy sector.
In a statement to the media, the company indicated that the planned solar project would be sited in Bugallon, Pangasinan.
PHINMA Energy President and CEO Francisco L. Viray said this will be their pilot venture into that technology, emphasizing that the timing could be ideal with the targeted “opportunities created by the RPS.”
The company said it was granted “the exclusive right to explore, develop, and utilize the solar energy resource in a 648-hectare area in the municipality of Bugallon, province of Pangasinan.”
It added that “pre-development activities such as yield assessment, environmental impact study and system impact study are underway and are expected to be completed within the year.”
Solar is seen the next ‘intense core of competition’ in the power industry, especially with the global cost of the technology already plummeting to levels that it could already thrive competitive to conventional counterparts.
Still, according to Viray, “RPS will be a key factor” before they give any final investment decision on the targeted solar farm.
Essentially, the proposed RPS policy mandates procurement of renewable energy-generated capacity to be part of the supply portfolio of the distribution utilities.
The promulgation of such edict is already delayed, igniting some segments of the RE sector to already raise concerns about lingering policy uncertainties following the declaration of the Department of Energy (DOE) on the end of the feed-in-tariff (FIT) perks for wind and solar technologies.