Clearance secured for wind project

Business World Online

Posted on June 05, 2012 09:49:39 PM

PETROENERGY RESOURCES Corp. has secured an environmental permit for its 50-megawatt (MW) wind power project in Aklan, marking what it said was progress towards starting development work.

Turbines that make up the Northwind Bangui Bay project in Ilocos Norte are seen in this file photo. PetroEnergy Resources Corp. aims to put up a similar renewable power facility in Aklan, reporting yesterday that it had secured environmental clearance. -- BW File Photo

The listed firm said the Environment department had granted an environmental compliance certificate for the so-called Nabas wind project, which is seen to be commissioned by 2014.

PetroEnergy was also able to get a Certificate of Non-Overlap from the National Commission on Indigenous Peoples for the project in February as well as the Energy department’s endorsement.

“With these approvals, [we] can now proceed to securing other local clearances necessary for project development,” said PetroEnergy Vice-President Francisco G. Delfin, Jr. in a statement.

The Nabas project is being developed by PetroEnergy’s subsidiary PetroGreen Energy Corp.

The company has interests in the Galoc oil field in service contract 14 in Palawan, service contract 6A (Octon Block) in northwest Palawan, service contract 14-C also in Palawan, service contract 47 in onshore Mindoro and service contract 51 in eastern Visayas.

It also has international holdings through the Gabon, Africa oil field. The company is planning to drill seven wells in the Gabon oil field this year.

It is also the operator of the 20-MW Maibarara geothermal power project in Batangas and Laguna which has also been able to secure endorsements from the Energy department for commercial operation.

PetroEnergy earlier said, however, that construction of the Nabas project was “contingent on the government’s approval of a viable feed-in tariff and capacity allocation mechanism for wind power projects.” The feed-in tariff is a guaranteed payment given to all renewable energy investors through a universal charge.

Shares of PetroEnergy closed at P6 each, down 1.64% from its previous close. --Emilia Narni J. David   source