PetroEnergy Unit Reaches 1 Billion kWh RE Generation Milestone

December 05, 2017

PetroGreen Energy Corp. (PGEC), the renewable energy (RE) holding unit of publicly-listed PetroEnergy Resources Corp. (PERC) reached the 1 billion generation mark on December 2, 2017. PGEC’s power production comes from three renewable energy plants – the 20MW Maibarara-1 geothermal plant in Sto Tomas, Batangas, the 36 MW Nabas-1 wind project in Aklan, and the 50MWDC Tarlac-1 solar facility in Tarlac City. Beginning from their respective commercial operation date, Feb. 8, 2014 for Maibarara geothermal, June 10, 2015 for Nabas wind, Feb. 10, 2016, these three facilities contributed 62.52%, 23.78%, and 13.70% respectively to the aggregate 1 Billion kwh output reached on December 2.

“The early achievement of this generation milestone, despite the relatively short period of the plants’ commercial operation and their modest capacities, owe to the efficient operation by our teams and the good availability of the units to the grid. We are delighted by this milestone not only for our shareholders and PGEC partners but also for their contribution in reducing wholesale electricity spot market prices as their must-dispatch character displaces more expensive fossil-fired plants in the WESM dispatch order,” declared PERC President Milagros V. Reyes.

In Maibarara, PGEC (65%) is in partnership with Phinma Energy (25%) and PNOC Renewables Corp.(10%) through the joint-venture firm Maibarara Geothermal, Inc. (MGI). In Nabas, it holds 40% equity in operator PetroWind Energy Inc. (PWEI) with EEI Power (20%) and Thailand-based BCPG (40%). PetroSolar Corp., owner and operator of Tarlac-1 solar, is jointly owned by PGEC (56%) and EEI Power (44%).

PGEC currently supplies 8.4% of wind power and 5.94% of solar capacities in the country. MGI’s expected commissioning of the 12 MW Maibarara-2 unit this December will bring the field’s total gross capacity to 32MW. PGEC plans to develop an additional ~400 MW of renewable energy capacity in the next five years.

PERC Asst. Vice President Maria Victoria Olivar revealed that the company’s oil operations also achieved a similar milestone stating, “Total oil production in the Etame Marin block in offshore Gabon, West Africa reached 100 Million barrels last June 10, 2017 from the start of commercial oil extraction in 2002. Crude oil production from 12 wells continues unabated in the block’s four oil fields – Etame, Avouma, Ebouri, and North Tchibala.”