PetroEnergy readies expansion
Listed PetroEnergy Resources Corp. plans to boost the capacity of solar, wind and geothermal projects over the next two years at an investment cost of P6.7 billion.
PetroEnergy vice president Francisco Delfin Jr. told reporters over the weekend it was boosting the output of its 14-megawatt Nabas wind project, the 19-MW Tarlac solar facility and the 10-MW solar hybrid plant with a battery option in Puerto Princesa, Palawan.
“And of course you have the 12-MW Maibarara 2, which is already nearing completion,” he said.
Delfin said the comnpany planned to expand its 50-MW solar plant in Central Technopark, Tarlac City by another 49 MW. The solar project, completed in 2016 inside an economic zone, is owned by unit PetroGreen Corp. and EEI Power Corp.
The proposed expansion called Tarlac-2 solar power project is set for completion by the first quarter next year with the project cost estimated at P2.4 billion.
PetroEnergy is preparing the expansion of its 36-MW Nabas wind project in Nabas, Aklan. The wind plant is owned by a joint venture between PetroGreen, BCPG Wind Cooperatief U.A. and EEI Power.
The wind project, which was completed in 2015, consists of 18 wind turbines with a capacity of 2 MW each. The 14-MW Nabas-2 expansion, meanwhile, will have four to seven wind turbines and is estimated to cost P1.6 billion.
Delfin said expansion of the 20-MW Maibarara geothermal project in Sto. Tomas, Batangas is ongoing.
The geothermal project, completed in 2014, is a joint venture between PetroGreen, Phinma Energy Corp. and PNOC Renewables Corp.
The 12-MW expansion costing P1.9 billion is set for completion in the fourth quarter. Power from the geothermal project will be sold to Phinma Energy.
PetroEnergy is also putting up a 5-MW to 10-MW solar power project in Puerto Princesa set to start commercial operations in the first quarter next year. It is estimated to cost P855 million.
“The three are what we may call planning stages because we are not going to deal them without a secure offtake agreement,” Delfin said. “We are in the process of securing and negotiating offtake agreements.”
He said solar and wind plants were fully subscribed so the company’s avenue for securing offtake was through private bilateral contracts with distribution utilities and electric cooperatives, ecozone locators or through private retail electricity suppliers.
“Those are the different options for the contracts of these three other expansion projects,” he said.
Delfin said the company might look into hydro projects but nothing was firm at the moment.
“The definite expansion plans are the four projects but if for some reason, one or two these do not pan out.... we can consider other projects that are not included,” he said.
PetroEnergy has an existing capacity of 100 MW and is confident of boosting it to 200 MW with the expansion.