By Danessa Rivera (The
Philippine Star) | Updated April 29, 2016 - 12:00am
MANILA, Philippines - PetroSolar
Corp. has been cleared to receive feed-in-tariff (FIT) incentives for its first
solar facility in Tarlac.
In a statement yesterday, PetroSolar
said the Energy Regulatory Commission (ERC) released on Wednesday the
provisional approval to operate as a feed-in-tariff eligible power plant
(PAO-FIT) for its 50-megawatt (MW) Tarlac solar plant.
The firm said the PAO-FIT release
followed the ERC’s earlier approval of the same during its March 30
deliberations.
“The PAO-FIT approval effectively
guarantees the FIT payment to PetroSolar and the financial viability of our
investment,” PetroEnergy Resources Corp. (PERC) president Milagros Reyes said.
“Our team’s ability to secure this
critical regulatory approval mirrors the focus and dedication we put in
completing the plant’s physical infrastructure in 4.5 months from the start of
foundation works, a record in solar farm construction not just in the
Philippines but in Southeast Asia,” she said.
FIT is a set of incentives given to
power developers to invest in the more expensive RE sector.
In the second round of FIT for
solar, developers were given until March 15 to complete and produce power from
their projects to be eligible to receive the new P8.69 per kilowatt-hour (kwh)
FIT rate.
The current round has an
installation capacity of 500 MW.
“With this ERC approval and the
signing and execution last April 6 of our renewable energy payment agreement
(REPA) with the National Transmission Corp. (TransCo), PetroSolar effectively
secures our slot in the 500 MW solar FIT allocation,” PetroGreen Energy Corp.
(PGEC) vice president and COO F.G. Delfin said.
“This assures our company and our
lenders of revenue from FIT payment of P8.69/kwh from 2016 to 2036. In the
meantime, we shall submit this PAO-FIT to Transco for the determination of our
REPA’s effective date,” he said.
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