PetroEnergy-EEI joint venture solar project gets BOI perks

The team-up of Yuchengco-led PetroEnergy Resources Corp. (PERC) and EEI Corp. has secured perks from the Board of Investments (BOI) for its solar power expansion project in Tarlac.

PetroSolar Corp. was recently awarded a certificate of registration for the 20-megawatt Tarlac-2 solar power project located in Central Technopark, Tarlac City.

Milagros Reyes, president of PetroSolar, said the award of the BOI incentives puts the company a step closer to starting construction of the project.

“We are excited by this new investment which will see our solar assets increase in capacity from 50 MW to 70 MW,” Milagros said.

PetroSolar is 56 percent owned by PetroGreen Energy Corp. (PGEC) and 44 percent owned by EEI Corp.

PGEC has started evaluating engineering, procurement and construction (EPC) contractors for the project.

Aside from the Tarlac solar facilities, PGEC also owns and operates with other partners and operating units the 32-MW Maibarara geothermal project in Batangas and the 36-MW Nabas wind farm in Aklan.

“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable energy assets in key locations to reach our goal of about 200-400 MW installed capacity in 2-4 years’ time,” PGEC vice president and chief operating officer Francisco Delfin Jr. said.