PetroEnergy unit hits power milestone


PETROENERGY Resources Corp. said on Monday its renewable energy unit PetroGreen Energy Corp. has achieved the 1 billion kilowatt-hour (kWh) generation mark from its three power plants.

The three plants are the 20-megawatt (MW) Maibarara-1 geothermal plant in Sto. Tomas Batangas, the 36-MW Nabas-1 wind project in Aklan, and the 50-MW Tarlac-1 solar facility in Tarlac.

Beginning from their respective commercial operation dates, Maibarara was able to contribute 62.52 percent to the firm’s total power production, while Nabas and Tarlac-1 accounted for 23.78 percent and 13.7 percent, respectively, PetroEnergy said.

Maibara started commercial operation on February 8, 2014; Nabas on June 10, 2015; and the Tarlac solar facility on February 10, 2016.

“The early achievement of this generation milestone, despite the relatively short period of the plants’ commercial operation and their modest capacities, owe to the efficient operation by our teams and the good availability of the units to the grid,” PetroGreen President Milagros Reyes told the stock exchange.

“We are delighted by this milestone not only for our shareholders and PetroGreen partners but also for their contribution in reducing wholesale electricity spot market prices as their must-dispatch character displaces more expensive fossil-fired plants in the WESM (Wholesale Electricity Spot Market) dispatch order,” she added.
PetroGreen currently supplies 8.4 percent of wind power capacity and 5.94 percent solar capacity in the country.

The company is targeting to reach 400 MW capacity of renewable energy in the next five years.

In Maibarara, PetroGreen entered into a joint venture agreement with Phinma Energy and PNOC Renewables Corp. for the incorporation of Maibarara Geothermal, Inc., which is expected to produce 12 MW of power from its second unit this month. Once fully operational, this will bring the field’s total gross capacity to 32 MW.


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