MANILA, Philippines — Phinma Energy Corp., the listed power unit of the Phinma Group, is delving deeper into the renewable energy sector as it ventures into solar rooftop development.
The company sees a bright future for solar renewable energy. Apart from pursuing grid-connected solar projects, it is also exploring off-grid solar applications.
It has formed subsidiary Phinma Solar Energy Corp., which combines the expertise of Phinma’s energy and roofing businesses.
Through the subsidiary, the group will engage in solar power generation and develop solar products.
Initially, it will target solar rooftop installations in the buildings of the Phinma Group.
“The first installations will be on Phinma Education Network’s Cagayan de Oro College and University of Pangasinan, the Information Center at Phinma Renewable Energy Corp.’s San Lorenzo wind farm in Guimaras and Union Galvasteel Corp. in Calamba, Laguna,” Phinma Energy said.
So far, the company has secured two solar energy service contracts for utility scale solar farms.
In July 2017, the company entered into a 25-year solar energy service contract with the Department of Energy covering a 648-hectare area in Bugallon, Pangasinan for a 45-megawatt (MW) solar farm.
It also entered into another 25-year solar energy service contract in September last year covering a 486 hectare area in Padre Garcia, Batangas also for a 45-MW solar farm.
In terms of other renewable energy technologies, Phinma Energy — through Phinma Renewable Energy —is eyeing to develop more projects out of its portfolio of 400 MW of wind service contracts nationwide.
Currently, it is in advanced development activities for the 40-MW Sibunag wind farm project in Guimaras in preparation for the implementation of the DOE’s on grid areas in 2020.