Phinma Energy Corp. is pursuing three new renewable energy projects that will deliver around 120 megawatts of new capacity, its top executive said over the weekend.
“We are proceeding with the development. The project development activities are moving,” Phinma Energy president Francisco Viray said.
He said the company plans to complete the projects by 2019.
“By 2019, it will be DOC (declaration of commerciality). Actually, implementation is contingent on the bilateral contracts,” Viray said.
The three projects include the 45-MW solar project in Batangas, another 45-MW solar station in Pangasinan and a 30-MW hydro plant in Negros island.
Phinma Energy recently announced it signed a solar energy service contract with the Energy Department for the exclusive right to explore, develop and utilize the solar energy resource in a 486-hectare area in the Lipa City and municipality of Padre Garcia in Batangas province.
The company disclosed in July that it received the service contract for a 45-MW solar power plant on a 648-hectare area in the municipality of Bugallon, Pangasinan province.
The solar projects will further diversify the Phinma Energy’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,” Viray said earlier.
Phinma Energy’s Ilog hydro power project, meanwhile, is located in Mabinay, Negros Oriental.
The company also plans to develop nearly 1,000 MW of liquefied natural gas power plants.
Phinma Energy currently has a diversified power portfolio that 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 and an interest in the Maibarara geothermal power project, also in Batangas.
The company also owns the 54-megawatt wind project in Guimaras, Iloilo and a 116-MW diesel power plant in Subic Bay.
The company, in addition, owns 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.