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PetroEnergy unit to acquire two existing solar projects in Luzon

YUCHENGCO-LED PetroEnergy Resources Corp. said its renewable energy arm PetroGreen Energy Corp. is set to acquire two existing solar power projects in Luzon.

In a regulatory filing on Tuesday, the company said that PetroGreen will take over the San Jose solar project in Nueva Ecija and the San Pablo solar project in Limbauan, Isabela.

Louie Mark R. Limcolioc, assistant vice-president for legal and corporate of PetroGreen, said the term sheets for the acquisition were signed separately on April 19 with VMARS Solar Energy Corp. and BKS Green Energy Corp.

Mr. Limcolioc said that the transaction will be finalized in the coming weeks.

Maria Victoria M. Olivar, vice-president for commercial operations of PetroGreen, said the San Jose project covers about 17.1 hectares while the San Pablo service contract covers 29.8 hectares.

“Thus, together the two projects can add as much as 60 MWdc (megawatts of direct current) capacity to [PetroGreen’s] solar portfolio when they are fully operational which we target by 2025,” Ms. Olivar said.

PetroGreen, through its subsidiary PetroSolar Corp., is the operator of the 50-MWdc and the 20-MWdc Tarlac-2 solar power facilities in Central Technopark, Tarlac City.

Currently, PetroGreen is developing the 27-MWdc Dagohoy solar project in Bohol and the 25-MWdc Bugallon solar project in Pangasinan.

PetroGreen has a 65% stake in Maibarara Geothermal, Inc., which operates the 32-MW Maibarara geothermal facility in Batangas; the 36-MW Nabas1 wind power project in Aklan under 40%-owned PetroWind Energy, Inc.; and the 70-MWdc Tarlac solar power facility under 56%-owned PetroSolar.

In 2021, the Department of Energy awarded PetroGreen with service contracts for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay for a total capacity of about 4 gigawatts.

PetroEnergy shares fell by 6.4% or P0.32 to P4.68 each on Tuesday. — A.E.O. Jose

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