PAVI Green Renewable Energy Inc., a subsidiary of Prime Asset Ventures Inc. (PAVI) of the Villar conglomerate, has cornered a 20-year power supply agreement (PSA) for its 40.4-megawatt Naga solar farm installation in the Bicol region.
The company has been one of the project-developers that won in the first round of Green Energy Auction Program (GEAP) that was administered by the Department of Energy (DOE) last June 17. The award of supply contracts to the winning bidders was consummated on June 24.
PAVI Green Chief Operating Officer Robert Pereja stated that the PSA it cornered from the DOE-sanctioned RE auction “is a significant development for PAVI Green,” with him emphasizing that this will be the firm’s contribution to bringing “sustainable renewable energy into homes across the country today and in the future.”
When implemented, PAVI Green said, the Naga solar power plant project can potentially energize at least 15,000 homes per year.
In terms of carbon dioxide (CO2) emissions avoidance, the calculated reduction will be 144,680 tons, according to the project sponsor-firm.
The Naga solar plant is the first utility-scale investment of the Villar group in the renewable energy space; although the conglomerate was already a long-time player in the Retail Competition and Open Access (RCOA) space via its retail electricity supplier (RES) unit Kratos RES Inc.
The initial foray of PAVI Green in the RE investment terrain had been those on solar rooftop installations – primarily for the malls of affiliate Vista Malls in Santiago, Isabela; Cabanatuan, Nueva Ecija; Iloilo as well as in the provinces of Bacolod and Butuan.
The Villar firm added that it is set to expand its solar rooftop ventures this year and it will cover additional eight (8) Vista Malls.
The next solar projects of PAVI Green to be concluded will be the 20MW solar power facility in Bataan which is due for completion this year; as well as the 36MW solar investment in San Vicente, Camarines Norte which is targeted to be on stream next year.
Apart from large scale solar projects, PAVI Green is also strategically positioning as RE solutions company, primarily in energizing malls in various parts of the country.
Pereja indicated such investment trajectory of the company is well aligned with the vision that “sustainable energy is the future, and we hope to significantly contribute to the Philippines’ renewable energy targets as we aspire to be a premier provider of renewable energy to homes and businesses across the country.”