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Manila Bulletin devider Business devider PetroEnergy income up 24% to P677 M

PetroEnergy income up 24% to P677 M

Published Nov 15, 2022 08:52 am

PetroEnergy Resources Corporation (PERC), the energy investment arm of the Yuchengco group, logged 24-percent rise in earnings as of end-September this year to P677 million from the year-ago level of P544 million.

In terms of revenues, the company posted P1.92 billion within this year’s nine-month stretch, climbing by 10-percent from P1.74 billion in a comparative period in 2021.

“The bulk of PERC’s revenues is derived from electricity sales of its RE (renewable energy) operating units under holding firm PetroGreen Energy Corporation (PGEC),” the Yuchengco firm said in a statement Tuesday, Nov. 15.

The company said its healthy financial growth is due largely to higher global crude oil prices and the higher offtake rates for PetroSolar Corporation’s Tarlac-2 solar power plant.

Currently in the RE generation portfolio of the Yuchengco group are the 32-megawatt Maibarara geothermal facility in Batangas; its 70MW solar farm venture in Tarlac; and the 36MW Nabas-1 wind power plant in Aklan.

Additional revenue contributions come from its minority stake in the Etame oil concession in offshore Gabon, West Africa, which benefited from the surging global oil prices.

PERC is well on its way into aggressively expanding its RE development footprint having just cornered foreign partners that will ensure commercial fruition of its newly unveiled 25-megawattdc Bugallon solar project in Pangasinan and the 27MWdc Dagohoy solar development in Bohol.

Japanese firm Kyuden International Corporation (KIC), a wholly owned subsidiary of Kyushu Electric Power Co. Inc., recently cemented its tie-up with PERC by cornering 25-percent stake in its renewable energy subsidiary.

The Yuchengco firm conveyed that the shares divestment will be from its PGEC subsidiary, which serves as the sponsor firm to its wind and solar farm installations as well as its geothermal venture.

It also firmed up another investment partnership with Danish firm Copenhagen Energy on targeted offshore wind installations of up to 4,000MW capacity across specified project sites in Luzon and Visayas grids.

The partnership will set up special purpose vehicles (SPVs) to separately advance to implementation phases the planned offshore wind projects of Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay.

The Yuchengco group is jumping on the bandwagon of offshore wind project developments, which is one of the core technologies being promoted by the Marcos administration to local and foreign investors, so the country could realize its vast RE potential on this investment sphere.

Related Tags

#PERC #PGEC #3Q2022 #INCOME #RE #KYUDEN #COPENHAGENENERGY #YUCHENGCOGROUP
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