July 13, 2016 9:40 pm by Voltaire Palaña
THE Energy Regulatory
Commission (ERC) has approved the certificate of compliance of PetroSolar
Corp.’s Tarlac-1 Solar Power Project as a feed-in-tariff (FIT) power plant.
The approval follows
the provisional authority to operate as a FIT power plant the commission gave
PetroSolar for the 50-megawatt (MW) facility on March 30.
The Tarlac-1 solar
facility covers 55 hectares of industrial land within the Philippine Economic
Zone Authority (PEZA)-registered Central Technopark in Tarlac City.
PetroSolar is a
joint-venture 56-percent owned by PetroGreen Energy Corp. (PGEC) and 44 percent
by EEI Power Corp.
PGEC is the renewable
energy holding company of publicly listed PetroEnergy Resources Corp. (PERC).
“ERC’s… approval for
our Tarlac-1 solar facility testifies to our satisfactory compliance to all
technical, organizational, legal and financial requirements to operate a solar
power plant.
“… It guarantees FIT
payments to PetroSolar from 10 February 2016 to 9 February 2036 at the approved
FIT rate of P8.69 per kilowatt hour (kWh),” PERC President Milagros Reyes said
in a statement.
“Along with the FIT
payments for our 36 MW Nabas wind facility and the long-term energy supply
contract for our base-load 20MW Maibarara-1 geothermal power station and its
on-going 12 MW expansion (Maibarara-2), these assured revenue streams boost
PERC’s expansion from our Gabon oil production towards renewable energy
development and power generation,” Reyes said.
“We shall continue to
assess new investment opportunities in the country’s renewable energy industry
under the current leadership of the Department of Energy (DOE) Secretary
Alfonso Cusi,” she added.
“Our Tarlac-1 solar
project attained 80 percent electro-mechanical completion on December 23, 2015
and started delivery of power to the Luzon grid on January 27, 2016 ahead of
the March 15, 2016 deadline for the 500MW solar FIT allocation,” PGEC Vice
President and COO F.G. Delfin Jr. said.
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