Trans-Asia Oil and Energy Development Corp., the energy unit of Philippine Investment Management Inc., or Phinma, said consolidated net income in the first quarter of 2016 rose more than four times to P265 million from P65 million year-on-year.
Trans-Asia said in a statement revenue from the sale of electricity increased 7 percent to P3.131 billion from P2.914 billion on year.
The company attributed the improvement in revenues largely from the successful operations of the company’s 54-megawatt wind farm in San Lorenzo, Guimaras, through wholly-owned subsidiary Trans-Asia Renewable Energy Corp.
The plant, which was completed last December 2014, delivered 45 gigawatthours of wind-powered electricity in the first quarterr.
The Energy Regulatory Commission granted Trans-Asia Renewables a feed-in tariff certificate of compliance in December, which guarantees a FIT of P7.40 per kilowatthour for 20 years.
The company operates power generation subsidiaries, namely Trans-Asia Power Generation Corp. (52MW), CIPP Power Corp. (21MW), One Subic Power Generation Corp. (116MW) and Guimaras Power Plant (3.4 MW), which sell their output to the Wholesale Electricity Spot Market and provide ancillary power to National Grid Corp. of the Philippines.
Trans-Asia said the commercial operations of Power Barges 101 & 102 began in February, contributing additional revenue for the company, while PB 103 was undergoing rehabilitation and set to resume generation within the second half of the year.
It said first-quarter income was further enhanced by contributions from joint ventures Maibarara Geothermal Inc. and South Luzon Thermal Energy Corp.
South Luzon Thermal, a joint venture of Trans-Asia with AC Energy Holdings, started commercial operations of its Line 2 135-MW CFB coal-powered plant in February, following commercial operations of Line 1 in April 2015.
Both units have a combined capacity of 270 MW, with South Luzon Thermal expected to provide reliable base load power to contribute to the country’s supply requirements.
The company has a stake in Maibarara Geothermal in joint venture with Petrogreen Energy Corp and PNOC Renewables Corp.
Maibarara Geothermal is operating at a high level of capacity, except for a mandatory maintenance in February.
Trans-Asia president Francisco Viray earlier said the company was aggressively looking at other power generation opportunities.
“We are awaiting the new installation targets for solar and wind, to push the construction of our Sibunag [Guimaras] and Ballesteros [Cagayan] wind farms,” Viray said.
The company is also in pre-development stage for a 900-MW coal-fired power project in Pangasinan province, and is actively pursuing overseas exploration opportunities to supplement local service contracts.