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TWO PETROENERGY POWER PROJECTS DECLARED COMMERCIAL



Two renewable energy projects of PetroEnergy Resources Corporation (PERC) have been declared commercial by the Department of Energy (DOE) – the 12 MW Maibarara-2 (M2) expansion geothermal project in Batangas, which is owned and being operated by Maibarara Geothermal, Inc. (MGI), and the 50 MWp Tarlac solar facility in Tarlac City, which is owned and being developed by PetroSolar Corporation (PSC). MGI and PSC are 65%- and 56%-owned subsidiaries, respectively, of PetroGreen Energy Corporation (PGEC), PERC’s 90%-owned subsidiary and renewable energy arm.

On September 24, 2015, the DOE issued to MGI the Confirmation of Commerciality and the Certificate of Additional Investment, both dated September 21, 2015, for MGI’s M2 expansion project. The latter involves the installation of a new 12 MW unit adjacent to the existing 20MW Maibarara-1 (M1) unit and is expected to add at least 95,000 MWh to MGI’s annual generation.

MGI President F.G. Delfin Jr declared “We opted to increase Maibarara-2’s gross capacity from 10MW to 12 MW after the successful flow-test of well MB-15RD and the release of an independent resource validation by California-based Geothermal Science, Inc. (GSI) which confirmed more than sufficient reserves for combined M1 and M2 power generation for 25 years. This capacity increase is expected to enhance MGI’s revenues. We aim for M2 unit to be on-line by 3Q, 2017.”

On September 30, the DOE also issued the Certificate of Commerciality dated September 24, 2015 for PSC’s 50MWp Tarlac Solar Project located in Central Technopark, Tarlac City.

PERC and PSC President Milagros V. Reyes said, “The commerciality affirmation not only converts the solar service contract from pre-development to development/commercial stage, giving us the go-signal to proceed full blast towards development, but it also marks the first step for our Tarlac solar project towards eventual FIT qualification by 1Q, 2016.” President Reyes added “With two new RE projects declared commercial and expected to be commissioned in 2016 and 2017, PERC’s expansion and transition to power generation is proceeding deliberately as planned.”

The DOE earlier approved PGEC’s deed of assignment of the Tarlac solar service contract (No. 2015-03-115) to a new subsidiary, PSC. The latter was issued with a Certificate of Registration as an RE developer by the DOE on September 22, 2015.