Published
June 2, 2017, 10:00 PM By Myrna M. Velasco
Capital spending of
P6.7 billion for four new power projects will be on full swing this year for
publicly listed PetroEnergy Resources Corporation (PERC) and its corporate
project vehicles, according to company executives.
In an interview with
reporters on the sidelines of the company’s annual stockholders’ meeting , PERC
Vice President Francisco G. Delfin Jr. noted that bulk of the programmed
capital expenditure (capex) at P2.4 billion will be for their blueprinted
49-megawatt Tarlac 2 solar farm expansion venture.
Another big-ticket item
in the capex lineup would be the P1.9-billion expansion of the Maibarara
geothermal power project in Batangas – which upon completion this year, would
be able to yield additional 12MW capacity.
PERC Assistant Vice
President for Finance Carlota R. Viray said the Maibarara expansion project had
already been fully funded – and allotment was firmed up last year although bulk
spending will be this 2017.
The company is
similarly pursuing a 10MW hybrid solar power facility in Puerto Princesa,
Palawan that will be equipped with utility-scale battery storage. This proposed
facility would command investment of P855 million.
PERC, along with Thai
partner BCPG Public Company Ltd., also scheduled to finally roll set into
commercial development the planned 14MW expansion of their Nabas wind farm in
Aklan in the Visayas grid.
At this stage, the
project that has certain commercial operation date is the Maibarara expansion
project, while Delfin noted that “the timeline for the three remaining
projects, we’re looking at the next two years.”
If any of the three
other ventures would be snagged, he emphasized that they could have some
“project substitution strategy,” which may include a propounded mini-hydro
power facility in Northern Luzon.
The remaining hurdles
for the three projects, he qualified, would be on the negotiations that they
will be having for the necessary power supply agreements (PSAs) that could
guarantee viable revenue stream for such ventures.
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