The two solar asset-acquisitions will add up to the generating portfolio of PGEC by 2025.
Yuchengco-led firm to acquire 2 solar projects
At a glance
Yuchengco-led PetroGreen Energy Corporation (PGEC) will be acquiring existing two solar farm projects in Luzon, to boost its renewable energy (RE) generation portfolio.
The subsidiary of publicly-listed PetroEnergy Resources Corporation (PERC) announced that the asset acquisitions will cover the San Jose solar project in Nueva Ecija; and the San Pablo solar farm project in Limbauan, Isabela.
On data culled from the Department of Energy (DOE), the San Jose solar farm has 10MW capacity; while the San Pablo solar farm installation will have 130MW capacity.
PGEC noted that the San Jose solar farm venture, in particular, will be acquired from original proponent VMARS Solar Energy Corporation; while the San Pablo solar project will be purchased from BKS Green Energy Corp.
According to Louie Mark R. Limcolioc, assistant vice president for Legal and Corporate Affairs of PGEC, the “term sheets for PGEC’s takeover of the San Jose solar project in Nueva Ejica and the San Pablo solar projects were signed separately last April 19, 2023.”
Additionally, PGEC VP for Commercial Operations Maria Victoria M. Olivar indicated that “the San Jose project covers 17.1 hectares while the San Pablo service contract encompasses 29.8 hectares.”
She thus emphasized “together the two projects can add as much as approximately 60MWDC capacity to PGEC’s solar portfolio when they are fully operational which we target by 2025.’
Solar developments had been one investment space that the company has been beefing up its capacity in the RE sector, as well as those on geothermal, then onshore and offshore wind projects.
Currently, PGEC subsidiary PetroSolar Corporation is commercially operating the 50MW Tarlac-1 and the 20MWdc Tarlac-2 solar farms which are sited in the Central Technopark in Tarlac City.
The Yuchengco-led firm also has commercial onshore wind and geothermal facilities already; while the gigawatt-scale RE projects it is advancing to commercial fruition are its offshore wind projects along with Danish firm-partner Copenhagen Energy.