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Manila Bulletin devider Business devider PetroSolar inks power supply deal with Shell Energy

PetroSolar inks power supply deal with Shell Energy

Published Sep 22, 2023 06:39 am

At A Glance

  • <img src="https://images.mb.com.ph/production/mb-mkt-neo-prod-1-uploads-2/media/Signing_of_power_supply_agreement_PSA_between_Shell_and_Petro_Solar_05d7fd33ea/Signing_of_power_supply_agreement_PSA_between_Shell_and_Petro_Solar_05d7fd33ea.jpg" alt="Signing of power supply agreement (PSA) between Shell and PetroSolar.jpg">
  • Signing of power supply agreement (PSA) between PetroSolar Corporation of the Yuchengco group and Shell Energy Philippines

PetroSolar Corporation (PSC), which is a subsidiary of Yuchengco-led PetroGreen Energy Corporation (PGEC), has cemented a power supply agreement (PSA) with Shell Energy Philippines Inc. for a capacity delivery that shall be drawn from the former’s 20-megawatt Tarlac-2 solar farm that is sited at the Central Technopark in Tarlac City.

As prescribed in the terms of the power supply deal that was inked by the parties, the Yuchengco firm will deliver capacity that shall be generated from its specified solar plant to Shell Energy, the retail electricity supplier (RES) business unit of the multinational energy giant in the Philippines.

The two firms have not provided details on the tariff agreed upon by the parties; as well as on the actual volume of solar capacity that shall be made available to Shell within specific timeframes.

According to PGEC President & Chief Executive Officer Francisco G. Delfin, Jr., their deal with Shell “builds upon mutual commitment to clean energy,” and that serves as a follow-through to a power supply pact that was signed by the two companies last year.

PGEC and its subsidiary-firms have been ramping up installations across technology platforms in the renewable energy (RE) investment space – not only solar farms, but also onshore and offshore wind farm installations at its chosen sites in Northern Luzon, Central Luzon then Central Visayas.

By far, there is expectation in the industry that the Yuchengco group and its partner-firm will get ahead in the race when it comes to concretizing the first offshore wind farm that could inject capacity into the grid.

On parallel, Shell Energy Philippines President Bernd Krukenberg noted that their choice of PetroSolar as a business partner in that PSA had been anchored on its well-established stature as well as its dedicated journey through the renewable energy (RE) development growth pathway.

“This collaboration demonstrates Shell’s commitment to providing sustainable energy solutions to its customers in the Philippines,” Krukenberg stressed.

Shell Energy currently caters to the electricity needs of commercial and industrial (C&I) end-users and its preferred capacity delivery to customers lean on RE-generated power supply.

The company is similarly supporting Shell Pilipinas Corporation’s shift to clean energy solutions, including the provision of RE-based supply to the electric vehicle charging stations (EVCS) that its affiliate firm has already started rolling out.

In the energy sector of the Philippines, RE is clearly in the high-stakes table and this is not just cast on the profitability goals of companies, but it is about repositioning investments to go along with the seismic shift toward green energy transition that will abate climate change risks. 

 

Related Tags

PetroEnergy Resources Corporation renewable energy solar farm Yuchengco Group of Companies Shell Energy Philippines Inc.
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