PetroSolar Corp. plans to complete a 20-megawatt solar power project in Central Technopark, Tarlac City by April next year to expand the capacity of the facility to 70 MW.
“PetroSolar will advance the Tarlac Solar Power Project-2 towards declaration of commerciality to reach the target commercial operations in April 2019,” publicly-listed PetroEnergy Resources Corp. said in a recent filing with the Philippine Stock Exchange.
PetroSolar, a joint venture between PetroGreen Energy Corp. and EEI Power Corp., owns and operates the 50-MW Tarlac-1 solar plant, which started commercial operations in February 2016. the project was as one of the early qualifiers in the government’s solar feed-in-tariff program.
PGEC is the renewable energy holding unit of publicly-listed PetroEnergy.
The Board of Investment awarded a certificate of registration to PetroSolar’s 20-MW expansion in September.
“With BoI’s award of the incentives registration for our Tarlac -2 project, PetroSolar is closer to securing the confirmation of commerciality from the Department of Energy needed for project construction to begin. We are excited by this new investment which will see our solar asset increase in capacity from 50 MW to 70 MW,” PetroSolar president Milagros Reyes said earlier.
PGEC also owns and operates with other partners and operating units the 32-MW Maibarara geothermal project in Batangas and the 36-MW Nabas wind farm in Aklan.
“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable energy assets in key locations to reach our goal of about 200 MW to 400 MW installed capacity in two to four years’ time,” PGEC vice president and chief operating officer Francisco Delfin Jr. said earlier.
He said PERC through PEGC was also pursuing the expansion of the 36-MW Nabas wind project in Aklan by another 14 MW.
PetroEnergy started to diversify into renewable energy development and operation starting 2009.
The company reported a consolidated net income of $9.77 million in the first nine months of 2018, up 27 percent from $7.71 million year-on-year.
Revenues amounted to $32.259 million in the nine-month period, up 12 percent from $28.152 million a year ago.