Cebu-based paint maker expands solar energy capacity
MANILA, Philippines — Cebu-based manufacturing firm Treasure Island Industrial Corp. (TIIC) has expanded the generation capacity of its solar rooftop plant to boost renewable energy use in its packaging division.
In a statement sent to reporters on Wednesday night, TIIC said its solar rooftop plant for iPak in Mandaue City now has a capacity of 2,074.3 kilowatt peak (kWp), up from the 1,345 kWp initially installed in the first phase.
TIIC is a manufacturer of construction chemicals and paints.
READ: Treasure Island taps Vivant subsidiary to shift to solar energy
The project, which was launched in 2019 in partnership with Vivant Energy Corp. subsidiary Corenergy Inc., now covers about 11,000 square meters of roof space.
It is Vivant Energy’s first solar project in Cebu province.
Cheaper, cleaner energy source
The solar rooftop system is meant to prevent 527 metric tons of carbon dioxide emissions annually, equivalent to about 12,100 trees planted, according to TIIC.
READ: Vivant Energy to expand in off-grid areas
“We are very satisfied with our partnership with Corenergy because we can have a cheaper energy source and yet one that is clean and friendly to the environment,” said TIIC president and chief executive Daniel Ong.
Vivant Energy currently holds listed Vivant Corp.’s investments in energy distribution and generation, retail electricity supply and energy-related engineering solutions.
In December, Vivant Corp. signed a five-year term loan facility agreement with Metropolitan Bank and Trust Co. to fund the investments of Vivant Energy.
The P2.75-billion loan is also expected to help fund other capital expenditure requirements of Vivant Energy.
