PetroEnergy earmarks P6.7-billion capex for 4 new power projects
June 06, 2017
By Myrna M. Velasco
Capital spending of P6.7 billion for four new power projects will be on full swing this year for publicly listed PetroEnergy Resources Corporation (PERC) and its corporate project vehicles, according to company executives.
In an interview with reporters on the sidelines of the company’s annual stockholders’ meeting , PERC Vice President Francisco G. Delfin Jr. noted that bulk of the programmed capital expenditure (capex) at P2.4 billion will be for their blueprinted 49-megawatt Tarlac 2 solar farm expansion venture.
Another big-ticket item in the capex lineup would be the P1.9-billion expansion of the Maibarara geothermal power project in Batangas – which upon completion this year, would be able to yield additional 12MW capacity.
PERC Assistant Vice President for Finance Carlota R. Viray said the Maibarara expansion project had already been fully funded – and allotment was firmed up last year although bulk spending will be this 2017.
The company is similarly pursuing a 10MW hybrid solar power facility in Puerto Princesa, Palawan that will be equipped with utility-scale battery storage. This proposed facility would command investment of P855 million.
PERC, along with Thai partner BCPG Public Company Ltd., also scheduled to finally roll set into commercial development the planned 14MW expansion of their Nabas wind farm in Aklan in the Visayas grid.
At this stage, the project that has certain commercial operation date is the Maibarara expansion project, while Delfin noted that “the timeline for the three remaining projects, we’re looking at the next two years.”
If any of the three other ventures would be snagged, he emphasized that they could have some “project substitution strategy,” which may include a propounded mini-hydro power facility in Northern Luzon.
The remaining hurdles for the three projects, he qualified, would be on the negotiations that they will be having for the necessary power supply agreements (PSAs) that could guarantee viable revenue stream for such ventures.
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