(The Philippine Star) | Updated December 14, 2012 - 12:00am
PetroEnergy Resources Corp. told the local stock exchange that subsidiary Maibarara Geothermal Inc. (MGI) signed an interconnection agreement (ICA) with Meralco.
Under the deal, MGI’s 20-megawatt (MW) geothermal power plant will connect with Meralco’s distribution system.
“The power facility being constructed in Sto. Tomas, Batangas will be connected to Meralco’s existing 115-kilovolt (kV) line in Calamba, Laguna six kilometers away,” PetroEnergy said.
“The distribution impact study conducted by Meralco prior to the execution of the ICA showed that the said interconnection is feasible,” it added.
MGI is a joint venture firm 65-percent owned by PetroEnergy, 25 percent by Trans-Asia Oil and Energy Development Corp. and 10 percent by Philippine National Oil Co.-Renewables Corp.
Last week, MGI hired Meralco Industrial Services Corp. (Miescor) to build the transmission line component of the 20-MW Maibarara geothermal power project.
Under the contract, Meralco’s engineering arm Miescor will design, supply, deliver, install and test the 115-kv transmission facility.
MGI also tapped Yokogawa Philippines Inc. to provide the instrumentation and control systems of facilities of the power project.
The Maibarara project, which will start commercial operations late next year, will be the first geothermal power project in the country to start operations in Luzon in 16 years and the first under the Aquino administration.
In September last year, PetroEnergy Resources signed a P2.4-billion, long-term loan facility from Rizal Commercial Banking Corp. and Bank of the Philippine Islands to finance the geothermal project. source
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