Updated
July 8, 2017, 5:47 PM By Myrna M. Velasco
Publicly listed PHINMA
Energy Corporation casts on blueprint a 45-megawatt solar farm installation
that it targets to advance into commercial development following the
enforcement of the renewable portfolio standards (RPS) in the renewable energy
sector.
In a statement to the
media, the company indicated that the planned solar project would be sited in
Bugallon, Pangasinan.
PHINMA Energy President
and CEO Francisco L. Viray said this will be their pilot venture into that
technology, emphasizing that the timing could be ideal with the targeted
“opportunities created by the RPS.”
The company said it was
granted “the exclusive right to explore, develop, and utilize the solar energy
resource in a 648-hectare area in the municipality of Bugallon, province of
Pangasinan.”
It added that
“pre-development activities such as yield assessment, environmental impact
study and system impact study are underway and are expected to be completed
within the year.”
Solar is seen the next
‘intense core of competition’ in the power industry, especially with the global
cost of the technology already plummeting to levels that it could already
thrive competitive to conventional counterparts.
Still, according to
Viray, “RPS will be a key factor” before they give any final investment
decision on the targeted solar farm.
Essentially, the
proposed RPS policy mandates procurement of renewable energy-generated capacity
to be part of the supply portfolio of the distribution utilities.
The promulgation of
such edict is already delayed, igniting some segments of the RE sector to
already raise concerns about lingering policy uncertainties following the
declaration of the Department of Energy (DOE) on the end of the feed-in-tariff
(FIT) perks for wind and solar technologies.
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