PetroEnergy projects cleared
The Energy Department has declared two renewable energy projects of PetroEnergy Resources Corp. as commercial, including the 12-megawatt Maibarara-2 geothermal expansion project in Batangas and the 50-MW solar project in Tarlac.
The move will enable PetroEnergy to avail of the feed-in-tariff rate for solar and wind projects, which is expected to boost the company’s bottom-line starting 2016 and 2017.
The Maibarara 2 expansion is owned and being operated by Maibarara Geothermal Inc. while the Tarlac solar facility is owned and being developed by PetroSolar Corp.
Maibarara Geothermal and PetroSol are 65-percent and 56 percent-owned subsidiaries, respectively, of PetroGreen Energy Corp, PetroEnergy’s 90 percent-owned subsidiary and renewable energy arm.
The department issued to Maibarara Geothermal the confirmation of commerciality and the certificate of additional Investment for the Maibarara expansion last week. It also issued the certificate of commerciality dated Sept. 24, 2015 for the 50-MW Tarlac solar project n Central Technopark, Tarlac City.