PetroEnergy projects go commercial
Two renewable energy projects of PetroEnergy Resources Corp. (PERC) have been declared commercial by the Department of Energy.
These are the 12-megawatt (MW) Maibarara-2 (M2) geothermal expansion project in Batangas, owned and operated by Maibarara Geothermal Inc. (MGI), and the 50-MW Tarlac solar facility in Tarlac City, owned and developed by PetroSolar Corp. (PSC).
MGI and PSC are 65 percent- and 56-percent owned subsidiaries, respectively, of PetroGreen Energy Corp. (PGEC), PERC’s 90 percent-owned subsidiary and renewable energy arm.
“The commerciality affirmation not only converts the solar service contract from pre-development to development/commercial stage, giving us the go-signal to proceed full blast toward development, but it also marks the first step for our Tarlac solar project toward eventual FIT qualification by first quarter, 2016,” PERC and PSC president Milagros V. Reyes said
MGI president F.G. Delfin Jr. said that on Sept. 24, 2015, the DOE issued to MGI the Confirmation of Commerciality and the Certificate of Additional Investment, both dated Sept. 21, 2015, for MGI’s M2 expansion project. The latter involves the installation of a new 12-MW unit adjacent to the existing 20-MW Maibarara-1 (M1) unit and is expected to add at least 95,000 MWh to MGI’s annual generation.
“We opted to increase Maibarara-2’s gross capacity from 10MW to 12 MW after the successful flow-test of well MB-15RD and the release of an independent resource validation by California-based Geothermal Science Inc. (GSI) which confirmed more than sufficient reserves for combined M1 and M2 power generation for 25 years,” Delfin said.
This capacity increase is expected to enhance MGI’s revenues. “We aim for M2 unit to be on-line by third quarter, 2017,” Delfin said.
On Sept. 30, the DOE also issued the Certificate of Commerciality dated Sept. 24, 2015 for PSC’s 50-MWp Tarlac Solar Project located in Central Technopark, Tarlac City.
“With two new RE projects declared commercial and expected to be commissioned in 2016 and 2017, PERC’s expansion and transition to power generation is proceeding deliberately as planned,” Reyes said.
