THE Energy Regulatory Commission (ERC) has approved the certificate of compliance of PetroSolar Corp.’s Tarlac-1 Solar Power Project as a feed-in-tariff (FIT) power plant.
The approval follows the provisional authority to operate as a FIT power plant the commission gave PetroSolar for the 50-megawatt (MW) facility on March 30.
The Tarlac-1 solar facility covers 55 hectares of industrial land within the Philippine Economic Zone Authority (PEZA)-registered Central Technopark in Tarlac City.
PetroSolar is a joint-venture 56-percent owned by PetroGreen Energy Corp. (PGEC) and 44 percent by EEI Power Corp.
PGEC is the renewable energy holding company of publicly listed PetroEnergy Resources Corp. (PERC).
“ERC’s… approval for our Tarlac-1 solar facility testifies to our satisfactory compliance to all technical, organizational, legal and financial requirements to operate a solar power plant.
“… It guarantees FIT payments to PetroSolar from 10 February 2016 to 9 February 2036 at the approved FIT rate of P8.69 per kilowatt hour (kWh),” PERC President Milagros Reyes said in a statement.
“Along with the FIT payments for our 36 MW Nabas wind facility and the long-term energy supply contract for our base-load 20MW Maibarara-1 geothermal power station and its on-going 12 MW expansion (Maibarara-2), these assured revenue streams boost PERC’s expansion from our Gabon oil production towards renewable energy development and power generation,” Reyes said.
“We shall continue to assess new investment opportunities in the country’s renewable energy industry under the current leadership of the Department of Energy (DOE) Secretary Alfonso Cusi,” she added.
“Our Tarlac-1 solar project attained 80 percent electro-mechanical completion on December 23, 2015 and started delivery of power to the Luzon grid on January 27, 2016 ahead of the March 15, 2016 deadline for the 500MW solar FIT allocation,” PGEC Vice President and COO F.G. Delfin Jr. said.