Yuchengco’s PERC to complete solar power plant expansion in Tarlac in Q2 2019

MANILA, Philippines — Yuchengco-led PetroEnergy Resources Corp. (PERC) is now anticipating government’s go ahead to start construction of its solar power plant expansion in Tarlac and  will be completed by the second quarter of next year.

PetroSolar Corp. (PSC) is awaiting the Department of Energy’s approval of commerciality confirmation for its expansion project, the 20-megawatt (MW) Tarlac-2 solar power station.

PSC is 56 percent owned by PetroGreen Energy Corp. (PGEC)—the renewable unit of PERC—and 44 percent by affiliate EEI Corp.

The 20-MW expansion will raise the capacity of the solar power project to 70 MW once completed.

“When completed in second quarter of 2019 as programmed, it will make PSC’s Tarlac city solar site with 70MW(dc) of installed capacity the second largest solar energy generating facility in the country,” the firm said.

Recently, the solar power expansion project was awarded a certificate of registration approved by the Board of Investments (BOI) which entitles it to receive incentives.

PSC president Milagros Reyes earlier said the award of the BOI incentives makes the company closer to move to the construction phase of the project.

Meanwhile, PERC is also looking at expanding its 36-MW Nabas-1 wind farm in Aklan under PetroWind Energy Inc. (PWEI).

“PWEI is completing technical and financial feasibility studies for its planned 14-MW Nabas-2 investment in Aklan in the midst of increasing electricity demand in the province, led by Boracay’s eco-tourism growth,” the company said.

The existing wind facility was a major contributor in growing PERC’s income in the nine months ending September.

The firm reported a consolidated net income of $9.77 million from January to September this year, 27 percent higher than the $7.71 million in the same period last year.

Meanwhile, the net income attributed to the equity holders of the company jumped 40 percent to $5.88 million from $4.18 million.

The company cited the additional revenues from its 12 MW Maibarara-2 geothermal plant, which started commercial operations in April, and the 52 percent jump in the net income of its 36-MW Nabas wind plant due to strong winds in the third quarter.

Originally, PERC’s business is petroleum exploration and production. PERC, along with US partner Vaalco Inc., secured the Etame Offshore oil block in Gabon, West Africa in 1995, made an oil discovery in the block in 1998 and started commercial oil production in 2002.

It started to diversify into renewable energy development and operation in 2009.