PETROENERGY’S 50 MW NABAS WIND PROJECT GETS FIT PRE-QUALIFICATION
The Department of Energy (DOE) approved the confirmation of commerciality for the 50 MW Nabas wind power project in Aklan being undertaken by PetroGreen Energy Corporation (PGEC) – the 100%-owned subsidiary of publicly-listed PetroEnergy Resources Corporation (PERC). In confirming the Nabas project commercial, the DOE also approved the conversion of PGEC’s service contract from pre-development to the development stage, with a total contract life of 25 years until 2034.
PGEC President Milagros V. Reyes declared, “With the approval of the Nabas confirmation of commerciality, PGEC together with our subcontractors and local government partners will ensure the rapid and safe completion of the project by 2014. Our goal is to provide clean indigenous power at the earliest possible time to meet the soaring power demand in Boracay, Aklan, and Panay. Sustaining the country’s high economic growth requires more power supply and the Nabas venture is our way of contributing to a virtuous cycle of energy investment and sustained economic growth, especially in the countryside.”
Outgoing Aklan Governor Carlito Marquez said, “DOE’s confirmation of the 50MW Nabas wind project as commercial is a welcome development. This facility will provide Aklan with its first relatively large indigenous and renewable energy generation source of its own and being near Boracay will also expand the eco-tourism destinations in Aklan and the entire western Visayas.” Former Aklan congressman and incoming Governor Florencio Miraflores added, “After three years of study, we are heartened by the DOE confirmation of commerciality for the Nabas wind project as this signifies that construction and development can now proceed in full blast. We reiterate to the DOE and to our investing partner PetroGreen the deep support and unflagging assistance by the Aklan LGUs to ensure the commissioning of this flagship power project in the province at the earliest possible time.”
“The DOE’s confirmation of commerciality for the 50 MW Nabas project brings to four the number of service contractors pre-qualified for the wind Feed-in-Tariff (FIT) rate of P8.53/kwh previously approved by the Energy Regulatory Commission (ERC). Contrary to initial scepticism that the DOE’s first-come, first-served policy on FIT allocation will discourage investments, the number of serious players committed to putting their wind projects into commercial operations and vying for FIT allocation continues to increase. Such competition can only be good for the country,” said DOE Director for Renewable Energy Mario C. Marasigan.