A UNIT of Yuchengco-led PetroEnergy Resources Corp. has secured the approval of the Energy and Environment departments for two utility-scale solar farms with a combined capacity of 52 megawatts of direct current (MWdc).
In a disclosure to the stock exchange on Tuesday, the listed company said its subsidiary PetroGreen Energy Corp. has reached “key milestones” for its utility-scale solar power projects, namely: the 25-MWdc Bugallon project in Pangasinan and the 27-MWdc Dagohoy project in Bohol.
“We have secured the solar energy operating contracts from the Department of Energy (DoE) and the corresponding environmental compliance certificate (ECCs) from the Department of Environment and Natural Resources (DENR) for these two new ventures,” PetroEnergy Associate Vice-President for Operations Maria Victoria M. Olivar said.
She added that resolutions of support for the projects had been granted by the local governments of provinces.
“Our final investment decision now awaits the closing of ongoing discussions with selected contractors and project lender,” Ms. Olivar said.
The company said the two new projects follow through with its calibrated expansion of renewable energy (RE) assets in its transition from petroleum to completely RE operations.
“These new projects not only contribute to the government’s goal of increasing RE’s share in our generation mix but will also provide fresh investments and critical power supply in two high-growth areas of the country — Bohol and Pangasinan,” said PetroEnergy President Milagros V. Reyes said.
PetroGreen has 65% stake Maibarara Geothermal, Inc., which operates the 32-MW Maibarara geothermal facility in Batangas; the 36-MW Nabas1 wind power project in Aklan under 40%-owned PetroWind Energy Inc.; and the 70-MWdc Tarlac solar power facility under 56%-owned PetroSolar Corp.
It recently acquired three new offshore wind blocks from the Energy department covering areas off the coast of northern Luzon, northern Mindoro, and eastern Panay.
PetroEnergy previously said that it was planning to develop the three offshore wind power projects in its pipeline with a foreign partner. It did not disclose the identity of the foreign partner nor the status of its partnership, but it said one of the proposed projects had secured the endorsement of the DoE on securing government permits.
The company is developing the projects through its unit PetroGreen, which in 2021 secured three wind energy service contracts from the DoE covering the three wind blocks.
On Dec. 28, 2021, the Energy department issued to PetroGreen the agency’s formal endorsement for the National Grid Corp. of the Philippines to conduct system impact studies for the three blocks.
PetroEnergy also said that PetroGreen secured the DoE’s endorsement to local government units and national government agencies for the northern Luzon project in January 2022.
PetroEnergy started with the primary purpose of oil exploration and development and mining activities. In 1999, it assumed Petrofields Corp.’s oil exploration contracts in the Philippines and the production sharing contract covering the Etame discovery block in Gabon, West Africa.
The company incorporated its now 90%-owned subsidiary, PetroGreen, to act as its renewable energy arm and holding company.
On Tuesday, PetroEnergy shares ended lower by P0.17 or 3.51% to P4.68 apiece. — Justine Irish DP. Tabile
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