TRANS-ASIA Oil and Energy Development Corp. (Trans-Asia) said its consolidated net income in the first nine months of the year grew more than six times to P397 million, boosted by strong earnings from unit South Luzon Thermal Energy Corp. (SLTEC).
In a disclosure to the Philippine Stock Exchange (PSE), Trans-Asia said its net income rose to P397 million in the January to September period, more than six times the P59 million recorded in the same period last year.
According to Trans-Asia, the energy arm of the PHINMA Group, its net income for the period was boosted by earnings from South Luzon Thermal Energy Corp. (SLTEC).
SLTEC started operating the first unit of its 270-megawatt (MW) circulating fluidized bed coal-powered plant in April this year, and is currently in the commissioning stage for the second unit, which is poised to deliver another 135 MW to the grid by year-end.
SLTEC is a 50-50 joint venture of Trans-Asia with AC Energy Holdings of the Ayala Group.
The company said the jump in net income was largely driven by an increase in generation revenue to P1.02 billion, a 41 percent increase from the P723 million recorded in the previous period.
Contributing to the significant increase in revenues was the successful operation of Trans-Asia Renewable Energy Corporation (TAREC), a wholly owned subsidiary of Trans-Asia. TAREC commenced full operation of its 54-MW wind farm in San Lorenzo, Guimaras, last December 27, 2014.
TAREC vice president Danilo L. Panes said they are pleased with the outcome of their wind farm, which supplements the energy requirements of Panay.
“This reduces the island’s reliance on power from Negros, and improves the reliability of the Visayas grid,” said Panes.
TAREC was the first and only project that was issued a Final Certificate of Approval to Connect to the grid by the National Grid Corp. of the Philippines (NGCP), signifying TAREC San Lorenzo Wind Farm’s full compliance with the requirements for RE plants under the Grid Code.
The clean energy project comparably reduces carbon emissions by around 65,000 tons of CO2 per year.
TAREC has already been issued its Certificate of Eligibility, which qualifies the project for the second round of Feed-in-Tariff (FIT) incentives from the Department of Energy (DOE).
In 2015, Trans-Asia also acquired three power barges with a combined capacity of 96 MW from the Power Sector Assets and Liabilities Management (PSALM) Corp.
The barges increase the peaking generation capacity of the company, which complements the additional baseload capacity brought about by SLTEC.
Other ongoing projects include the 12 MW expansion of the existing 20-MW geothermal plant of Maibarara Geothermal, Inc. (MGI). MGI is Trans-Asia’s joint-venture with PetroEnergy Resources Corp. and PNOC Renewables Corp. The expansion is expected to be completed by early 2017.
Trans-Asia is an integrated power company of the PHINMA group and is engaged in power generation and electricity supply, wind energy development and energy resource development.
It provides reliable and sustainable energy to its customers and host communities.