(The Philippine Star) | Updated November 6, 2013 - 12:00am
MANILA, Philippines - Maibarara Geothermal Inc. (MGI), the owner and developer of the 20-megawatt Maibarara geothermal power facility in Sto. Tomas, Batangas, has received the green light from the Philippine Electricity Market Corp. (PEMC) to directly participate at the Wholesale Electricity Spot Market, the countrys’ trading floor for electricity.
With the approval, MGI will soon start commercial operations, just a little over two years since the financial closing of its project, its top official said.
“PEMC’s approval of MGI’s WESM participating and the ERC’s (Energy Regulatory Commission) release of the project’s certificate of compliance pave the way for our commercial operations which will start as soon as on-going commissioning tests are successfully completed,” MGI president F. G. Delfin said.
He said the impending start of MGI’s commercial operations is a testament to the company’s team effort and the cooperation and assistance given by the Department of Energy (DOE) and related agencies such as the ERC, the National Grid Corp. of the Philippines (NGCP), PEMC and the Power Sector Assets and Liabilities Management Corp. (PSALM).
MGI is a joint venture 65 percent owned by PetroGreen Energy Corp. (PGEC), a wholly-owned subsidiary of publicly-listed PetroEnergy Resources Corp. (PERC). Trans-Asia Oil and Energy Development Corp. (TAO) and PNOC Renewables Corp. own 25 percent and 10 percent, respectively, of MGI.
The firm secured a P2.4-billion loan from the Rizal Commercial Banking Corp. (RCBC) and Bank of the Philippine Islands to partially fund the project. Ceremonial groundbreaking and construction of the power plant commenced in April 2013, MGI said. source
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