Trans-Asia Oil Granted FIT COC by ERC
Makati—(PHStocks)—Trans-Asia Renewable Energy Corp. (TAREC), a fully-owned subsidiary of Trans-Asia Oil and Energy Corp. (PSE: TA) received its Certificate of Compliance (COC No. 15-12-M-00029V) last 11 December 2015 from the Energy Regulatory Commission (ERC) for its 54MW San Lorenzo Wind Farm Project.
The certificate entitles TAREC to recognize its Feed-In Tariff at an approved rate of PhP7.40, with a retroactive period beginning from 27 December 2014, for a guaranteed period of 20 years until 26 December 2034, by virtue of ERC Resolution No. 14, series of 2015 (Resolution Adopting the Wind Feed-In Tariff (WIND-FIT 2) Rate).
“This is a positive development for Trans-Asia Oil and Energy Development, as parent company of TAREC. We can fully recognize generation revenues from our 54MW wind farm in Guimaras with retroactive effect on our financial results for the year. We are committed to promoting clean and sustainable energy, and can move ahead with additional projects to expand our renewable energy portfolio as our contribution to addressing climate change,” said Francisco L. Viray, President and CEO of Trans-Asia.
Trans-Asia Oil and Energy Development, the energy arm of the Phinma Corp. (PSE: PHN), disclosed PhP397 million consolidated net income for the nine months ended September 2015, more than five times higher than the PhP59 million net income posted during the same period of the previous year.
Net income was largely driven by an increase in generation revenue, which amounted to PhP1.02 billion for the nine month period, a 41% increase in revenue from PhP723 million in the previous period. Contributing to the significant increase in revenues has been successful operations of TAREC.
“We are pleased with the outcome of our wind farm which supplements the energy requirements of Panay, reducing the island’s reliance on power from Negros, improving the reliability of the Visayas grid,” said Danilo L. Panes, vice president of TAREC.
TAREC is the first and only project that has been issued a Final Certificate of Approval to Connect to the Grid by NGCP, signifying Trans-Asia’s full compliance to the requirements for renewable energy projects under the Grid Code. The clean energy project will comparably reduce carbon emissions by around 1.2 million tons of CO2 for the duration of its 20-year minimum project life.