PETROGREEN SIGNS SOLAR RENEWABLE ENERGY CONTRACT WITH THE DOE
On March 25, 2015, PetroGreen Energy Corporation (PGEC) signed with the Department of Energy (DOE) the Service Contract for a 10-50 MW Solar Power Project near Hacienda Luisita, Tarlac. Present during the signing were DOE Secretary Carlos Jericho L. Petilla with Asst. Sec. Jose Raymund A. Acol and DOE-REMB’s Arnie Zabala. PGEC was represented by its President, Milagros V. Reyes and its Vice President & COO Francisco G. Delfin, Jr.
The solar power plant will be developed in a 50-hectare property in Tarlac City. The site has a flat terrain, with no shading from trees or nearby topographies, and is strategically located near existing access roads, power distribution lines, and substations.
PGEC will immediately commence its two-year pre-development DOE-approved work program with technical and financial due diligence studies. PGEC intends to develop the solar facility in stages and can expedite its work program based on the uptake of the 500 MW solar Feed-in-Tariff (FiT) allocation.
The Tarlac solar project is the latest addition to PGEC’s portfolio of renewable energy ventures on top of the 20 MW Maibarara Geothermal Power Plant where it has 65% ownership, and the 50 MW Nabas Wind Power Project where it holds 40% equity interest. PGEC is 100% owned by publicly-listed PetroEnergy Resources Corporation.