Yuchengco energy arm gets DOE wind power service deal
By Lenie Lectura -November 20, 2019
from Business Mirror
PETROGREEN Energy Corporation (PGEC), the renewable energy holding unit of Yuchengco led-PetroEnergy Resources Corporation (PERC), has been awarded a wind power service contract by the Department of Energy (DOE).
PGEC said it received from the DOE the San Vicente (Palawan) Wind Energy Service Contract las November 11. The service contract, effective October 9, 2019, vests PGEC with the rights and responsibilities to harness wind energy and develop and operate the corresponding renewable energy facility in the area.
The proposed project is situated in the municipality of San Vicente, Palawan, approximately 130 km north of Puerto Princesa.
“The eco-tourism growth in San Vicente and adjoining towns, the lack of reliable power supply, and the strong support by the provincial and municipal governments for environment-friendly energy facilities drive our decision to invest in San Vicente, Palawan,“ said PGEC deputy chief operating officer Maria Victoria M. Olivar. “With the award of the service contract, we will proceed with our feasibility studies to ascertain the commercial viability of the block,” added Olivar.
PGEC power facilities include the 32 MW Maibarara geothermal plant in Santo Tomas, Batangas by Maibarara Geothermal, Inc. (MGI), the 36 MW Nabas-1 wind farm operated by PetroWind Energy Inc. (PWEI) and the 70 MW Tarlac solar project in Tarlac City under PetroSolar Corporation (PSC).
PERC President Milagros V. Reyes said this wind power project is part of the goal to increase PGEC’s renewable energy capacities through expansion in selected regions of the country.
“We recognize that this is a long-term commitment and we are excited to start working with the DOE, the Palawan local governments, and other government agencies in bringing green, indigenous, and renewable energy supply to San Vicente through wind power or wind-hybrid power systems,” said Reyes.
PERC is a publicly-listed power firm that holds a diversified business portfolio in upstream oil exploration, renewable energy development and power generation.
