PETROSOLAR Corp. has been awarded a certificate of registration by the Board of Investments (BoI) for its 20-megawatt (MW) solar power project, the second phase of its solar farm in Central Technopark, Tarlac City.
In a disclosure to the stock exchange, PetroEnergy Resources Corp. said PetroSolar obtained the certificate on Sept. 7, 2018. It said the BoI incentive brings the unit closer to obtaining a “confirmation of commerciality” from the Department of Energy. The confirmation allows the solar farm to start construction.
“We are excited by this new investment which will see our solar asset increase in capacity from 50 MW to 70 MWDC (direct current),” said PetroSolar President Milagros V. Reyes.
PetroSolar is a joint venture of PetroGreen Energy Corp. (PGEC)and EEI Power Corp. It owns and operates the 50-MWDC Tarlac-1 solar plant, which started commercial operations in February 2016 as one of the early qualifiers in the government’s solar feed-in-tariff program.
PetroGreen is the renewable energy holding unit of publicly listed PetroEnergy Resources Corp.
Aside from the Tarlac solar facilities, PetroGreen 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 200-400 MW installed capacity in 2-4 years’ time,” said Francisco G. Delfin, Jr., PetroGreen vice-president and chief operating officer. — VVS
