THE ENERGY unit of the Phinma Group booked P397 million in consolidated net income for the nine months that ended in September 2015.
This was more than five times higher than the P59 million net income posted in the same period last year.
Trans-Asia Oil and Energy Development Corp. said the jump in net income was driven largely by an increase in generation revenue, which amounted to P1.02 billion for the nine month period, a 41-percent increase in revenue from P723 million in the previous year.
Contributing to the significant increase in revenue was the successful operations of Trans-Asia Renewable Energy Corp. (Tarec), the company’s wholly owned subsidiary. Tarec’s 54-megawatt (MW) wind farm in San Lorenzo, Guimaras province started operations on Dec. 27, 2014.
Also credited for the surge in earnings was South Luzon Thermal Energy Corp. (SLTEC), a 50-50 joint venture with AC Energy Holdings of the Ayala Group on a 135-MW coal power plant in Batangas province.
SLTEC’s first unit started operating in April 2015 and the commissioning stage is ongoing for the second unit that is poised to deliver another 135MW to the Luzon grid by the end of the year.
Trans-Asia said Tarec’s clean energy project comparably reduces carbon emissions by around 65,000 tons per year. Tarec has been issued its Certificate of Eligibility, which qualifies the project for the second round of feed-in-tariff awards by the DOE.
This year, Trans-Asia also acquired three power barges with a combined capacity of 96MW from state-owned Power Sector Assets and Liabilities Management Corp., which manages the debts and privatizes the assets of National Power Corp.
The barges increase the peaking generation capacity of the company which complements the additional baseload capacity brought about by SLTEC.
Other ongoing projects include the 12MW expansion of the existing 20MW geothermal plant of Maibarara Geothermal Inc. (MGI).
MGI is Trans-Asia’s joint-venture with PetroEnergy Resources Corp. and PNOC Renewables Corp. The expansion is expected to be completed by early 2017.
Trans-Asia is an integrated power company of the Phinma group and is engaged in power generation and electricity supply, wind energy development and energy resource development. It provides reliable and sustainable energy to its customers and host communities.