PETROWIND’S 36 MW NABAS-1 WIND PROJECT REPA TAKES EFFECT
March 11, 2016
The Renewable Energy Payment Agreement (REPA) for PetroWind Energy Inc. (PWEI) 36 MW Nabas-1 wind power facility in Nabas, Aklan took effect 22 December, following a notice from TRANSCO received by PWEI.
“With this development, our Nabas-1 wind power plant will receive offtake payment at the ERC-approved FIT rate of Php 7.40/kwh starting next billing period. At the same time, we also expect to receive incremental refunds, at the same FIT rate, for power exported to the Visayas grid starting last June 10, our commercial operations date, which were initially settled at prevailing WESM prices” declared PWEI President Milagros V. Reyes.
The Php 4.5 Billion Nabas-1 project, the biggest renewable and clean energy facility to date in Panay, is the first wind power venture of PWEI. The latter is a joint-venture firm owned by Singapore-based CapAsia Asean Wind Holdings Cooperatief UA (40 percent), EEI Power Corp. (20 percent), and PetroGreen Energy Corp. or PGEC (40 percent). PGEC is a 90-percent-owned subsidiary of publicly-listed PetroEnergy Resources Corp.
PWEI and TRANSCO signed the Nabas-1 REPA last Aug. 26, 2015 but it was declared effective 22 December by TRANSCO following the latter’s review of PWEI’s documentary submissions, including the ERC-approved COC-FIT. The Nabas-1 Certificate of Compliance-FIT (COC-FIT) dated December 1, 2015 was released by the ERC on Dec. 11, vesting the project with a guaranteed offtake payment of Php 7.40/kwh from June 10, 2015 to June 9, 2035.