Publicly listed PetroEnergy Resources Corp. (PERC) has secured the approval of the Department of Energy (DOE) for the commerciality of its 50-megawatt (MW) Nabas wind power project in Aklan.
Following other power firms that applied for the wind Feed-in-Tariff (FIR) contracts, PetroEnergy brings to four the number of service contractors that prequalified for the wind FIT rate of P8.53 a kilowatt hour, which was approved by the Energy Regulatory Commission.
The 50-MW Nabas wind power project in Aklan is being undertaken by PetroGreen Energy Corp. (PGEC), a 100-percent owned subsidiary of PetroEnergy.
The energy department also approved the conversion of PGEC’s service contract from predevelopment to the development stage, with a total contract life of 25 years until 2034.
“With the approval of the Nabas confirmation of commerciality, PGEC together with our subcontractors and local government partners will ensure the rapid and safe completion of the project by 2014,” PGEC President Milagros Reyes said.
“Our goal is to provide clean indigenous power at the earliest possible time to meet the soaring power demand in Boracay, Aklan and Panay,” she added.
Mario Marasigan, DOE director for renewable energy, also said that the number of serious players committed to putting their wind projects into commercial operations and vying for FIT allocation continues to increase.