FIT rate for TransAsia wind farm project OKd

Trans-Asia Oil and Energy Corp. of the Phinma Group said the 54-megawatt (MW) wind project of its subsidiary had been declared eligible for the second batch of guaranteed power generation rates under the Feed-in-Tariff incentive scheme for renewable energy developers.

The certification from regulators guaranteeing fixed rates for the project over 20 years seems to be just a formality as the Energy Regulatory Commission (ERC) last month said T.A. subsidiary Trans-Asia Renewable Energy Corp. (Tarec) was one of the only three projects that might be entitled to the new set of FIT rates for wind projects (called Wind-FIT2). The three projects have filled up the capacity target for the second set of FIT allocations, the ERC said.

In a disclosure to the Philippine Stock Exchange Friday, T.A. said Tarec received the ERC’s Certificate of Compliance (COC) No. 15-12-M-00029V for the 54-MW San Lorenzo wind farm project.

The COC entitles Tarec to the FIT rate of P7.40 per kilowatt-hour (kWh) from Dec. 27, 2014 to Dec. 26, 2034. Riza T. Olchondra