Phinma Energy Corp., the power generation arm of the Phinma Group, has obtained approval of the Energy Department to build a 45-megawatt solar plant in Batangas province.
The company disclosed to the Philippine Stock Exchange on Wednesday it signed an energy service contract with the department, giving it the exclusive right to explore, develop and utilize the solar energy resource in a 486-hectare area in the city of Lipa and the municipality of Padre Garcia in Batangas.
“Phinma Energy hopes to construct a 45-MW solar plant in the service contract area. The term of the service contract is 25 years, extendable for another 25 years,” it said.
The company disclosed in July that it won a service contract for its 45-MW solar power plant in a 648-hectare area in the municipality of Bugallon, Pangasinan province.
The solar projects will further diversify the company’s portfolio of renewable energy projects.
“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 Francisco Viray, Phinma Energy president and chief executive officer.
Pre-development activities such as yield assessment, environmental impact study and system impact study are under way and are expected to be completed within the year, the company said.
The company has a diversified power portfolio, which includes geothermal, coal, wind and diesel power plants.
Phinma Energy owns a 45-percent stake in South Luzon Thermal Energy Corp., which operates a 270 megawatt coal-fired power plant in Batangas. It also owns a stake in the Maibarara geothermal power project, also in Batangas.
The company owns the 54-megawatt wind project in Guimaras, Iloilo and a 116-MW diesel power plant in Subic Bay. In addition, it operates power barges 101, 102 and 103 with a combined capacity of 96 MW.
Phinma Energy is an integrated power company of the Phinma Group engaged in power generation and electricity supply, and wind and energy resource development. It provides reliable and sustainable energy to customers and host communities.