Phinma Energy Corp. said Tuesday it plans to develop a 45-megawatt solar power plant in Bugallon, Pangasinan that will further diversify the company’s portfolio.
Phinma Energy said in a disclosure to the stock exchange it received a service contract from the Energy Department granting it exclusive right to explore, develop and utilize the solar energy resource in a 648-hectare area in Bugallon town, Pangasinan.
“Bugallon is our first venture into solar energy, and this service contract is in time for the opportunities created by the Renewable Portfolio Standards,” said Phinma Energy president and chief executive Francisco Viray.
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, the company said.
Phinma Energy hopes to construct a 45-MW solar plant in the service contract area which carries a 25-year term, extendable for another 25 years.