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Manila Bulletin devider Business devider 3 Villar solar plants start commercial operations early 2023

3 Villar solar plants start commercial operations early 2023

Published Dec 4, 2022 09:30 pm

Villar-led PAVI Green Renewable Energy Inc. said at least three utility-scale solar farm projects will start commercial operation next year to augment power supply in the Luzon grid especially during the summer months.

According to Robert Marlon T. Pereja, chief operating officer of PAVI Green, the first one that is scheduled to come on-line by first quarter of next year is its 20-megawatt solar farm project in Orion, Bataan. The 36MW San Vicente solar development in Camarines Norte and the 50MW Naga solar farm venture in Camarines Sur are targeted for commissioning in the latter part of next year.

The combined capital outlay injected for these three projects topped $85.86 million or roughly P4.7 - P4.8 billion at prevailing peso-US dollar exchange rate and the $810,000 per megawatt rule-of-thumb development cost for solar installations.

For the Bataan solar plant, he conveyed that the capacity of that project had already been committed via an off-take agreement it forged with affiliate company Kratos RES Inc., the retail electricity supplier (RES) business unit of the Villar group.

Pereja added that the generated electricity of that solar farm will satiate the electricity needs of the malls of the Villar conglomerate, including Vista Malls which are flourishing not just in Metro Manila, but also in other parts of the country.

The San Vicente solar farm development in Camarines Norte; as well as the Naga venture will likewise reinforce power supply in the country once they reach full commercial operations.

“For San Vicente and Naga, we are aspiring to commission by December 2023, we want to commission Naga ahead of our commitment to the DOE (Department of Energy),” he said, albeit qualifying that the final commercial operation date (COD) will depend on the resolution of concerns relating to the grid integration of the facilities.

The planned Naga solar power facility, which has a DC (direct current) capacity of 50MW and AC (alternating current) or dependable capacity of 40.4MW, is a project that PAVI Green won in the first round of green energy auction program (GEAP) administered by the Department of Energy in June this year.

The projects qualified under GEAP had been awarded with 20-year power supply agreements (PSAs) with tariffs based on the tenders submitted by the sponsor-firms during the auction process to be delivered based on their committed CODs under the contract.

The PAVI Green executive further indicated that after the completion of these three projects, the company will continue to ramp up the renewable energy capacity of the Villar group for a potential buildup of 1,000 megawatts in the next five years.

Capital spending for the next batch of projects, he said, will be funded by the P3.5 billion to P4.0 billion worth of proceeds to be raised from the listing of real estate investment trust (REIT) affiliate company Prime Asset Ventures Inc.

“The use of proceeds for the REIT will be for the expansion of our renewable energy portfolio which is 1,000MW in five years...the proceeds will be used to buy land for our projects,” Pereja emphasized.

On the targeted project expansions, he stressed that "We’re also challenged to become bigger, but we maintain a humble stance and we want to make it more realistic. We don’t want to overpromise, and whenever we make promises, we have to deliver.”

Related Tags

#PAVIGREEN #VILLAR #SOLAR $KRATOSRES #VISTAMALLS #GEAP #DOE
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