Yuchengco pursues solar projects

Published July 6, 2022, 2:15 PM

by Myrna M. Velasco

Yuchengco pursues solar projects


After securing relevant permits from the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR), Yuchengco-led PetroGreen Energy Corporation (PGEC) is now ready to advance to final investment decision (FID) for its two greenfield solar power projects.

PGEC, which is a subsidiary of its listed firm PetroEnergy Resources Corporation (PERC) and is the corporate vehicle for its renewable energy ventures, announced that it already secured the required government approvals for its 25-megawatt dc (MWdc) Bugallon solar farm development in Pangasinan; and the 27MWdc Dagohoy solar project in Bohol province.

According to Maria Victoria M. Olivar, assistant vice president of PERC, the greenlight on the projects it secured had been the solar energy operating contracts from the energy department as well as the warranted environmental compliance certificate (ECC) from the DENR.

The Yuchengco firm noted that the other milestone it clinched for the propounded solar farm installations had been the “resolutions of support” from its host local government units (LGUs) in Pangasinan and Bohol.

“Our final investment decision now awaits the closing of on-going discussions with selected contractors and project lender,” the company stressed.

PERC President Milagros V. Reyes said “these two new solar projects continue PERC’s calibrated expansion of our RE assets even as we carefully wind down our upstream petroleum operations to go completely renewables in the near future.”

She added “these new projects not only contribute to the government’s goal of increasing RE’s share in our generation mix but will also provide fresh investments and critical power supply in two high-growth areas of the country – Bohol and Pangasinan.”

Just recently, the company also cornered a 20-year power supply agreement for its 13.2MW Nabas 2 wind power project in Aklan – and that was awarded following the successful outcome of the Green Energy Auction Program (GEAP) carried out by the energy department.

Beyond wind and solar, another Yuchengco-led energy company – the Maibarara Geothermal Inc. – is also the main developer of a 32MW geothermal power facility in Batangas; which is also being planned for capacity expansion.

Within the solar investment space, in the conglomerate’s current portfolio is the 70MWdc solar farm installation in Tarlac which is under corporate vehicle PetroSolar Corporation.

Onward, the company stated that the next projects it will pursue will be those on offshore wind investments across its awarded blocks in Northern Luzon, Northern Mindoro and Eastern Panay that could potentially yield aggregate capacity of 4,000MW.

These targeted installations though are still under feasibility study phase; and the company is likewise firming up plans on tapping partners that can reinforce capital infusion as well as technical expertise on that sphere of project development.