50 MW TARLAC SOLAR POWER PROJECT SECURES COE-FIT
PetroSolar Corporation (PetroSolar) received on March 9, 2016 the Certificate of Endorsement-Feed-in-Tariff (COE-FIT) dated March 7, 2016 from the Department of Energy (DOE) for its 50 MW Tarlac Solar Power Plant. The COE-FIT is the last approval from the DOE needed for the Energy Regulatory Commission (ERC) to commence the processing of the facility’s Certificate of Compliance-FIT (COC-FIT).
The facility, which has been exporting power to the Luzon grid since January 27, 2016, was inaugurated last March 3 in a ceremony conducted at the power plant site in the PEZA-registered Central Technopark in Tarlac City. The inauguration and ceremonial switch-on was led by former UP President and Senator Edgardo Angara, one of the key authors of the Renewable Energy Act of 2008. Also present were DOE officers, senior officials of project lenders PNB and DBP, representatives from NGCP, PEMC, and Transco, PetroSolar and PetroEnergy Resources Corporation (PetroEnergy) directors and officers, and various stakeholders.
In his message, former Senator Angara called for a multi-stakeholder collaboration to add more renewable power to the country’s energy mix. He said that “the Philippines is blessed with many potential sites for renewable projects and with enough talented people. It only needs increased demonstration of government and public support, as well as available financing to improve power generation towards more earth-friendly and climate-friendly energy sources.” He emphasized that “power is not just simply for lights or internet connection, but for wealth generation so we can reduce poverty and attend to the needs of the poor.”
PetroSolar President Milagros V. Reyes said “The DOE awarded the Service Contract to us in March 2015, and within seven months from award of construction and equipment supply contracts, we were able to complete the solar plant and start power export to the Luzon grid. We are pleased that we were able to achieve this milestone way ahead of the March 15, 2016 deadline set by the DOE for solar projects aiming for the Feed-in-Tariff (FIT).”
PetroSolar Vice President Francisco G. Delfin, Jr., added “DOE’s approval of the PetroSolar’s COE-FIT is almost a guarantee that we have secured our FIT at this point given that, in our estimate, only about 170 MW out of the 500 MW allocation has been officially awarded to date. The COE-FIT by the DOE declares a February 10, 2016 commercial operation date (COD) for our solar facility. We shall now submit our COE-FIT to ERC to secure our COC and also to TRANSCO to firm up our renewable energy payment agreement (REPA). Once effective, the REPA assures PetroSolar of revenue from the approved solar FIT of Php 8.69/kwh from 2016 to 2036.”
PetroSolar is owned by publicly-listed PetroEnergy Resources Corporation, through its subsidiary, PetroGreen Energy Corporation (56%), and EEI Power Corporation (44%), a wholly-owned subsidiary of publicly-listed EEI Corporation.