PetroEnergy unit secures DOE, DENR approvals for solar projects
MANILA, Philippines — PetroEnergy Resources Corp. (PERC) said Tuesday that its renewable energy (RE) arm has secured approvals from the Energy and Environment departments to proceed with two new solar power projects in Pangasinan and Bohol.
The solar project in Pangasinan has a capacity of 25 MWdc (megawatts of direct current), while the one in Bohol has a capacity of 27 MWdc. PERC's unit PetroGreen Energy Corp. handles these projects.
"We have secured the solar energy operating contracts from the Department of Energy and the corresponding environmental compliance certificate from the Department of Environment and Natural Resources for these two new ventures," PERC Assistant Vice President Maria Victoria Olivar said in a statement on Tuesday.
The Philippine government is targeting to increase the share of renewables in the power supply mix by 35% by 2030 and 50% by 2040, according to the latest Philippine Energy Plan.
The country has also vowed to reduce greenhouse gas emissions by 75% in a decade's time, with majority dependent on support and capacity development from developed countries.
Olivar said that the local governments in both provinces support the new ventures. The official added that the company is holding discussions with selected contractors and the project lender, and are due to make their final investment decision soon.
For PERC President Milagros Reyes. the two new solar projects will contribute to the company's move to add more renewables to its assets. The listed energy firm was initially engaged in upstream oil exploration and development, but has since then diversified into RE and power generation.
Its unit PetroGreen currently holds majority stakes in the 32-MW Maibarara Geothermal Power Project in Batangas and the 70-MWdc Tarlac Solar Power Project. The company also has a 40% share in the 50-MW Nabas Wind Power Project in Aklan.
For Reyes, PetroGreen's new solar ventures in Bohol and Pangasinan— which secured government approvals— will "not only contribute to the government’s goal of increasing RE’s share in our generation mix but will also provide fresh investments and critical power supply in two high-growth areas of the country."
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