PetroSolar Corp., a unit of PetroEnergy Resources Corp, is eyeing completion of a 50 megawatt (MW) solar power project in Tarlac by the middle of January next year.
In a report to the Philippine Stock Exchange, PetroSolar said it was continuing with the construction of the solar farm and transmission line through contractors.
Completion of the facility in January 2016 would allow it to be included in the Energy Department’s 500-MW feed-in-tariff (FIT) allocation, the deadline for which is in March.
PetroEnergy vice president Francisco Delfin Jr. has said that the firm and its contractors were committed to completing the project “at the earliest possible time and of the highest quality.”
According to PetroSolar, much of the third quarter’s activities focused on securing permits and the requisite certificates alongside site development work.
The project, which will have an area of 486 hectares, is located near Hacienda Luisita in Tarlac. The service contract for the project was signed in March by PetroEnergy’s 90-percent subsidiary, PetroGreen Energy Corp., with the Energy department.
PetroEnergy earlier reallocated P175 million from proceeds of its stock rights offering to fund the Tarlac project instead of the second phase of the 36-MW Nabas wind power project in Aklan.