Trans-Asia cleared to start 54-MW Guimaras wind farm

MANILA, Philippines – Trans-Asia Oil and Energy Corp. expects further boost in revenues from power generation after securing regulatory clearance for its 54-megawatt (MW)wind farm in San Lorenzo, Guimaras.

In a statement, Trans-Asia said its subsidiary Trans-Asia Renewable Energy Corp. (TAREC) has received its certificate of compliance (COC) from the Energy Regulatory Commission (ERC) for its San Lorenzo project.

The regulatory clearance entitles TAREC to recognize its feed-in tariff (FIT) at an approved rate of P7.40 per kilowatt hour (kwh) for 20 years, or from Dec. 27, 2014 until Dec. 26, 2034.

“This is a positive development for Trans-Asia Oil and Energy Development Corp., as parent company of TAREC. We can fully recognize generation revenues from our 54-MW wind farm in Guimaras with retroactive effect on our financial results for the year. We are committed to promoting clean and sustainable energy, and can move ahead with additional projects to expand our renewable energy portfolio as our contribution to addressing climate change,” Trans-Asia president and CEO Francisco L. Viray said.

In the nine months ending September this year, Trans-Asia reported a consolidated net income of P397 million, over five times higher than the P59 million net income posted during the same period the previous year.

Net income was largely driven by an increase in generation revenue, which amounted to P1.02 billion for the period, a 41 percent increase from P723 million the previous period.

The company attributed the surge in revenues to the significant increase in revenues from TAREC’s successful operations.

“We are pleased with the outcome of our wind farm which supplements the energy requirements of Panay, reducing the island’s reliance on power from Negros, improving the reliability of the Visayas grid,” TAREC vice president Danilo L. Panes said.

TAREC’s 54-MW wind farm is among the three projects that received a FIT COC from the power regulator.