PetroEnergy gets ECC for green power project in Palawan

A UNIT of Yuchengco-led PetroEnergy Resources Corp. has obtained an environmental clearance for the first green power project in Puerto Princesa, Palawan.

The Department of Environment and Natural Resources -- Environmental Management Bureau Region 4B issued on July 28 the environmental compliance certificate (ECC) for the proposed 10-megawatt solar power plant in Puerto Princesa of PetroGreen Energy Corp. (PGEC), the listed company said in a disclosure to the stock exchange on Monday.

This means the renewable energy arm of PetroEnergy has “satisfied all the requirements for the ECC application and cited the key conditions and measures expected of PGEC during project implementation.”

Prior to the ECC issuance, PGEC secured the approval of the Palawan Council for Sustainable Development on June 9 for the Strategic Environmental Plan of the solar project.

Likewise, local government units in Puerto Princesa have issued the necessary clearances and resolutions, formalizing their support for the facility.

Palawan -- a province rich in natural resources -- derives its power from diesel and bunker plants.

Considered the first renewable energy-sourced power facility in the city and the province, the solar power plant with a contingent battery storage will help mitigate the power problems in Puerto Princesa.

PGEC is discussing with the Palawan Electric Cooperative the technical requirements for linking the facility to the grid system.

PetroEnergy plans to raise P1 billion through a stock rights offering this year to finance the equity portion of power generation projects with a total price tag of P6.75 billion.

PetroEnergy President Milagros V. Reyes previously said that the company was projecting a 33% increase in its net income this year.

In the first half, income reached $6.55 million, nearly three times more than the $2.34 million posted in the same period last year.

PetroEnergy was founded in 1994 to undertake upstream oil exploration and development. Since then, it has diversified into renewable energy and power generation.

The listed company’s shares were unchanged at P7.88 apiece. -- Krista Angela M. Montealegre

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