Wind portfolio quadruples net income of Trans-Asia to
In first quarter
Sales volume up-tick partly spurred by its 54-megawatt San Lorenzo wind portfolio beefed up the net income of Trans-Asia Oil and Energy Development Corporation of the Phinma Group by more than four-fold to P265 million in the first quarter.
It was evidently a huge leap from the previous year’s 165 million within the same stretch of January to March financial performance posting.
The company explained that “revenue from sale of electricity was boosted by a 26-percent increase in electricity sales volume,” enabling it to log total revenues of 13.131 billion, which had been 1217 million higher from the yearago level of 12.914 billion.
Trans-Asia emphasized “this improvement in revenues was largely brought about by the successful operations of the company’s 54MW wind farm in San Lorenzo, Guimaras.” The facility is under corporate vehicle-subsidiary Trans-Asia Renewable Energy Corporation.
Within the quarter in review, the San Lorenzo wind power plant delivered 45 gigawatt hours (GWh) of electricity, according to the Del Rosario-led company.
The plant was completed in December 2014, but it was only granted its certificate of compliance (COC) to be underpinned by feed-in-tariff (FIT) incentives the year after.
It had been included in the second batch of FIT grantees on wind technology at a 20-year fixed rate of 17.40 per kWh.
Trans-Asia president and chief executive officer Francisco L. Viray indicated the company is gearing up for capacity expansions of its renewable energy (RE) portfolios. “We are awaiting the new installation targets for solar and wind, to push the construction of our Sibunag (Guimaras) and Ballesteros (Cagayan) wind farms,” he stressed.
Other tangible moneymakers for the company would be its recently commissioned coal-fired generating units under the South Luzon Thermal Energy Corporation (SLTEC), its joint venture with the Ayala group.
The plant is of two units at 135megawatt capacity each or 270MW aggregate – the first one reaching full commercial operation around April last year; and the second unit coming on-line fully just February this year.
The firm’s other power assets include the 52MW Trans-Asia Power Generation Corporation facility; 21MW CIPP Power Generation plant; 116MW One Subic Power Generation Corporation facility; 3.4MW Guimaras power plant; as well as its Power Barges 101 and 102 acquisitions from the Power Sector Assets and Liabilities Management Corporation. The third one – PB 103 – is undergoing comprehensive rehabilitation work.
Onward, Trans-Asia is intending to take-off from blueprints its planned additional 900MW of coal-fired capacity to be sited in Pangasinan; along with a 500MW liquefied natural gas (LNG) facility which is designed for the peaking needs of the country’s power system.