PETROENERGY Resources Corp. (PERC) is setting aside P6.7 billion to finance four new power projects.
The listed firm said in a report to the stock exchange it “plans to develop four new projects over two years with a total estimated cost of P6.7 billion”.
Of the amount, P855 million will be used for a solar-power project in Puerto Princesa, Palawan. The hybrid solar-power facility will have a capacity of 5 megawatts (MW) to 10 MW and is targeted for commercial operations by the first quarter of next year.
It also earmarked P1.6 billion for the expansion of the Nabas wind farm in Aklan by 14 MW more. The expansion will involve the installation of four to seven wind-turbine generators, which will result in higher wind speed and capacity factor.
A large chunk of the two-year budget will be allocated to the 49-MW Tarlac-2 solar-power project estimated to cost P2.4 billion.
The target commercial operation is in the first quarter of 2018. The company said 90 percent of the necessary permits for the project have been secured and technical studies have been completed. It is also in talks with a potential off-taker for the project’s capacity.
The fourth planned project is the P1.9-billion Maibarara geothermal-power project expansion by 12 MW in Batangas.
The target commercial operation is in the last quarter of this year. It has secured a second off-take deal with Phinma Energy for the project’s capacity.
The company reported a 326-percent jump in its net income in the first three months of the year from $1.01 million to $4.31 million, mainly driven by higher electricity sales from its renewable-energy (RE) development and power-generation assets and slightly higher crude oil revenues from the Gabon oil production.
Revenues were also up by 45 percent to $9.3 million, from $6.41 million during the period.
Total net electricity exported by the PERC subsidiaries increased from 76.6 gigawatt-hours (gwh) to 102.91 gwh. This translated to gross revenues of P693.46 million compared with last year’s P511.11 million.
PERC is putting on “greater focus on renewable energy and power generation” as RE revenues constitute 85 percent of the company’s total revenues. At present PERC currently supplies 8.4 percent of wind power and 7.1 percent of solar-power capacities in the country. It is also building the only new geothermal-power station the country, it said.
As such, PERC said it is a “stable and worthy investment” in the Philippine energy sector, with a proven track record in project execution and low off-take risk of existing projects.