THE off-take payment for the feed-in-tariff (FIT) allowance is now in place for the 36-megawatt (MW) Nabas-1 wind power facility of PetroWind Energy Inc. (PWEI).
PetroWind received the Renewable Energy Payment Agreement (REPA) for the Nabas-1 from National Transmission Commission (Transco).
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, PetroEnergy Resources Corp. (PERC) said the REPA took effect on December 22. PetroEnergy is the parent firm of PetroWind.
The REPA was signed on August 26, but Transco declared its effectivity on December 22 after a review of PetroWind’s requirements that included the Energy Regulatory Commission-approved Certificate of Compliance-FIT (COC-FIT).
The December 1 COC-FIT was released by the commission on December 11, vesting the project with a guaranteed off-take payment of P7.40 kilowatt hour (/kWh) from June 10, 2015 to June 9, 2035.
The wind power facility in Nabas, Aklan will receive the off-take payment starting in the next billing period.
For power exported to the Visayas grid starting last June 10, when the Nabas-1 started commercial operation, PetroWind expects to get the refunds.
The refunds were initially settled at the prevailing Wholesale Electricity Spot Market (WESM) prices below P7.40/kWh.
The Nabas-1 project is the first wind power venture of PetroWind. The company invested P4.5 billion to develop the facility, making it the single biggest investment in Aklan province.
PetroWind is a joint venture among PetroEnergy’s PetroGreen Energy Corp. (40 percent), Singapore-based CapAsia ASEAN Wind Holdings Cooperatief U.A. (40 percent), and EEI Power Corp. (20 percent).
The Nabas facility started supplying clean power to the Visayas grid on March 24. It operated eight wind turbine generators (WTGs) at the start of its commissioning tests.
The facility now consists of 18 WTGs built by Spain’s Gamesa Eolica S.L. Unipersonal.
PetroWind Executive Vice President for Operations Francisco G. Delfin Jr. earlier said the company looks forward to a higher output of clean, renewable energy from Nabas.
Since March 24, PetroWind contributed over 15,000 megawatt hours of electricity to the Visayas grid, making Aklan province the center of clean and renewable energy generation in Panay.