PHINMA Energy Corporation (Phinma Energy) aims to double its attributable installed capacity from 500 megawatts to 1000 MW over the next 10 years, a top company official said.
“For the next ten years we will double the capacity,” Phinma Energy president and CEO Francisco L. Viray told reporters in an interview on Friday.
He said the company considers that there may be excess supply over the next 10 years, which would largely depend on the energy mix policy of the government.
To meet the target of doubling its capacity, Viray said the company is looking at an energy mix of 270MW coal, 54MW wind, 20MW geothermal, and 289-300 MW of diesel-powered plants.
He said the current mix is largely driven by competition. “Diesel is not competitive that’s why we have to go to coal,” Viray said.
Phinma Energy, formerly Trans-Asia Oil and Energy Development Corporation, received approval from the Securities and Exchange Commission (SEC) last August 22 to implement a name change.
The company initially started with embedded generation plants to address the power requirements of cement plants within the PHINMA Group. Its long-standing customers include the likes of La Farge Holcim Cement and Republic Cement & Building Materials Corporation (RCBM), the Cavite Economic Zone (CEZA), Direct Power Services Inc. (DPSl) of the Ayala Group, Manila Water Corporation (MWC), Universal Robina Corporation (URC), and other industrial users.
Since then the company has expanded its power portfolio in order to supply its customers with a reliable and affordable mix of electricity, and made strategic investments to bulk up its generation capacity.
Its subsidiary power plants include Trans-Asia Power Generation Corporation with 54MW in Norzagaray, Bulacan; CIP II Power Corporation with 21MW in Bacnotan, La Union; One Subic Power Generation Corporation with 116MW in SBMA, Olongapo; and company-owned Guimaras Power Plant with 3.4MW in Jordan, Guimaras.
Strategic partnerships have also played a key role in its expansion. South Luzon Thermal Energy Corporation (SLTEC) is a joint venture of Phinma and AC Energy HoIdings Inc. of the Ayala Group of companies. Together they constructed a 2×135 MW circulating fluidized bed (CFB) coal plant in Calaca, Batangas, of which Unit 1 came online in 2015 and Unit 2 is set to follow this year.
Maibarara Geothermal Inc. (MGI) is another partnership venture for Trans-Asia. It acquired 26 percent of the geothermal power project together with Petrogreen Energy Corporation and PNOC Renewables Corporation. The consortium embarked on an expansion plan for an additional 12MW expected to come online by 2017. MGl was the first renewable energy project declared commercial under the Renewable Energy Act of 2008.
Phinma Energy’s first foray into wind energy was through its fully owned subsidiary, Trans-Asia Renewable Energy Corporation (TAREC) in San Lorenzo, Guimaras.
The 54MW San Lorenzo Wind Farm was the first wind farm in the Visayas to be constructed and fully connected to the grid. It is expected to generate around 120,000 megawatt- hours annually and displace an estimated 65,000 tonnes of carbon dioxide per annum or 1.3 million tonnes of CO2 during its 20-year project life.
The company, which supplies 14 electric cooperatives around the country, said it will continue to pursue energy resource exploration and development consistent with its mission to help achieve energy self-reliance for the country.