PetroWind Energy secures FIT rate for Aklan wind farm

By Danessa Rivera (The Philippine Star) | Updated December 29, 2015 - 12:00am

http://www.philstar.com/business/2015/12/29/1537085/petrowind-energy-secures-fit-rate-aklan-wind-farm

MANILA, Philippines – PetroWind Energy Inc. (PWEI) will start receiving regulatory-approved feed-in tariff (FIT) rate in the January billing for its 36-megawatt (MW) wind farm in Nabas, Aklan.

Listed parent PetroEnergy Resources Corp. (PERC) disclosed yesterday the renewable energy payment agreement (REPA) for the Nabas wind power facility took effect Dec. 22, 2015, after it received a notice from the National Transmission Corp. (TransCo) through PWEI.

The Nabas-1 REPA was signed by PWEI and TransCo in Aug. 26, 2015 but was declared effective Dec. 22, 2015 by Transco following the latter’s review of PWEI’s documentary submissions, including the ERC-approved certificate of compliance-FIT.

PWEI received the COC-FIT on Dec. 11, making the project eligible to receive a guaranteed offtake payment of P7.40 per kwh from June 10, 2015 to June 9, 2035.

“With this development, PetroWind’s Nabas-1 wind power plant will receive offtake payment at the ERC-approved feed-in-tariff (FIT) rate of P7.40/kwh starting next billing period,” PERC said.

The company also noted the project company will also receive refund from the time the wind project started to supply power to the Visayas grid.

 “At the same time, for power exported to the Visayas grid starting last June 10, Nabas-1’s commercial operations date, which were initially settled at prevailing WESM prices lower than P7.40/kwh, PetroWind also expects to receive incremental refunds,” PERC said.

PWEI, a joint venture firm which owns and operates the Nabas wind project, is 40 percent owned by PetroGreen Energy Corp. (PGEC), where PERC holds a 90 percent stake.

Other owners in the joint venture firm include Singapore-based CapAsia Asean Wind Holdings Cooperatief U.A. with 40 percent and EEI Power Corp. with the remaining 20 percent.