PetroSolar gets BOI okay for Tarlac solar project

By Lenie Lectura – September 19, 2018
from Business Mirror

PETROSOLAR Corp. (PetroSolar) has secured from the Board of Investments (BOI) a Certificate of Registration for its 20-megawatt (MW) Tarlac-2 Solar Power Project located in Central Technopark, Tarlac City.

“With the BOI’s award of the incentives registration for our Tarlac-2 project, PetroSolar is closer to securing the Confirmation of Commerciality from the Department of Energy [DOE] needed for project construction to begin. We are excited by this new investment, which will see our solar-asset increase in capacity from 50 MW to 70 MW, PetroSolar President Milagros Reyes said.

The BOI certificate was awarded on September 17.

PetroSolar, a joint venture of PetroGreen Energy Corp. and EEI Power Corp., owns and operates the 50-MW Tarlac-1 solar plant, which started commercial operations in February 2016 as one of the early qualifiers in the government’s solar feed-in-tariff program.  PGEC is the renewable-energy holding unit of publicly listed PetroEnergy Resources Corp.

“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable-energy assets in key locations to reach our goal of about 200 MW to 400 MW installed capacity in two to four  years,” PGEC Vice President Francisco Delfin Jr. said.

PGEC’s power production comes from three renewable-energy plants—the 20-MW Maibarara-1 geothermal plant in Santo Tomas, Batangas; the 36-MW Nabas-1 wind project in Aklan; and the 50-MW Tarlac-1 solar facility in Tarlac City.

PGEC currently supplies 8.4 percent of wind power and 5.94 percent of solar capacities in the country.