PERC secures gov’t nod for two solar projects
Yuchengco group-led PetroEnergy Resources Corp. secured the necessary government approvals to pursue the development of two utility-scale solar power projects in the country.
PetroEnergy, through its subsidiary PetroGreen Energy Corp., is constructing the 25-megawatt (MW) Bugallon project in Pangasinan and the 27-MW Dagohoy project in Bohol to scale up its renewable footprint.
In a disclosure, PetroEnergy assistant vice president for operations Maria Victoria Olivar said they obtained from the Department of Energy the solar energy operating contracts and from the Department of Environment and Natural Resources the environmental compliance certificates for the two projects.
Olivar also said the local governments of Pangasinan and Bohol granted their resolutions of support for the projects.
“Our final investment decision now awaits the closing of on-going discussions with selected contractors and project lender,” she added.
PetroEnergy president Milagros Reyes said the latest undertaking forms part of the listed firm’s “calibrated expansion” of renewable energy assets “even as we carefully wind down our upstream petroleum operations to go completely renewables in the near future.”
The company holds significant stakes in the 32-MW Maibarara geothermal facility in Batangas operated by Maibarara Geothermal Inc., the 36-MW Nabas1 wind power project in Aklan by PetroWind Energy Inc. and the 70-MW Tarlac solar power facility by PetroSolar Corp.
Recently, it clinched three new offshore wind blocks from the DOE covering offshore northern Luzon, northern Mindoro and eastern Panay.
