BOI Approves PetroSolar’s Tarlac-2 Solar Power Project

PetroSolar Corp. was awarded on September 17, 2018 a Certificate of Registration approved on September 7, 2018 by the Board of Investments (BOI) for the 20MWDC Tarlac-2 Solar Power Project (TSPP-2) located in Central Technopark, Tarlac City. PetroSolar, a joint venture of PetroEnergy Resources Corp. (PSE: PERC) subsidiary PetroGreen Energy Corp. (PGEC) and EEI Corp.’s (PSE: EEI) power arm EEI Power Corp., owns and operates the 50MWDC 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.

“With 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 50MW to 70MWDC,” declared PetroSolar President Milagros V. Reyes.

Aside from the Tarlac solar facilities, PGEC also owns and operates with other partners and operating units the 32MW Maibarara geothermal project in Batangas and the 36MW Nabas wind farm in Aklan. “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 200-400 MW installed capacity in 2-4 years’ time,” added PGEC Vice President and COO F.G. Delfin, Jr.