The Market Monitor Minding the Nation's Business
Listed PetroEnergy Resources Corp’s (PERC) unit PetroWind Energy Inc. (PWEI) has secured the Renewable Energy Payment Agreement (REPA) for its 36-megawatt (MW) Nabas-1 wind power project in Nabas, Aklan. The Repa took effect December 22, 2015.
The National Transmission Corporation (Transco) informed PWEI that the Nabas-1 power plant will receive off-take payment at the Energy Regulatory Commission (ERC) approved feed-in-tariff (FIT) rate of P7.40 per kilowatthour (kwh). The Nabas plant sells electricity to the Visayas grid. It started commercial operations on June 10 this year its commercial operation, will receive refunds from its initially settled price set at prevailing Wholesale Electricity Spot Market (WESM) prices.
The P4.5 billion Nabas-1 project, the biggest renewable and clean energy facility to date in Panay, is the first wind power venture of PWEI. PWEI is a joint-venture firm owned by Singapore-based CapAsia Asean Wind Holdings Cooperatief UA (40 percent), EEI Power Corp. (20 percent), and PetroGreen Energy Corporation or PGEC (40 percent).
PGEC, in turn, is a90-percent-owned subsidiary of PERC.PWEI and National Transmission Corp. (TRANSCO) signed the Nabas-1 REPA last August 26, 2015 but it took effect December 22 after TRANSCO’s review of PWEI’s documentary submissions, including the ERC-approved Certificate of Compliance-FIT (COC-FIT).
The Nabas-1 COC-FIT dated December 1, 2015 was released by the ERC on December 11, 2015, vesting the project with a guaranteed offtake payment of P7.40 per kwh from June 10, 2015 to June 9, 2035.
The ERC approved the COC after verifying that PWEI complied with all the technical, equipment, financial, organizational, and manpower requirements to operate the wind farm. The Nabas facility comprises 18 wind turbine generators (WTGs) made by Spanish firm Gamesa Eolica S.L. Unipersonal.
PWEI Executive Vice President for Operations Francisco Delfin Jr. said “since March 24, 2015, PWEI has contributed over 15,000 megawatthour (MWh) of electricity to the Visayas grid, making Aklan province the center of clean and renewable energy generation in Panay island.” RIZA LOZADA