Yuchengco firm eyes solar farm in Capiz

YUCHENGCO-LED PetroEnergy Resources Corp. (PERC) has secured approval from the Department of Energy (DoE) to begin permit processing for a proposed ground-mounted solar power project in Capiz province.

EcoSolar Energy Corp. (ESEC), a new special-purpose company of PetroGreen Energy Corp., was granted a certificate of authority (CoA) by the Department of Energy, the company said in a media release on Tuesday.

The CoA grants ESEC exclusive authority for its planned 90- to 100-megawatt-direct current (MWdc) Panit-an Solar Power Project (PSPP) spanning 88 hectares of land.

Following the grant of the permit, the company has one year to secure the necessary development permits, conduct feasibility studies, and advance the project towards a final investment decision and the application for a solar energy operating contract.

Construction of the solar power project is targeted to begin next year, while completion is slated by end-2027.

“When completed, it will yet be PGEC’s single biggest contiguous solar power facility,” said Hiroki Hiwatashi, PGEC’s PSPP project manager.

PERC aims to increase its renewable energy capacity to 500 MW by 2029 by expanding its existing 145 MW.

For 2024, the company’s attributable net income nearly tripled to P471.82 million from P156.88 million in the previous year. 

Revenues grew by 14.45% to P3.45 billion from P3.01 billion, led by the increase in electricity sales.

The company said it is accelerating the completion of its 25-MWdc Bugallon Power Project in Pangasinan and the 40-MWdc Limbauan Solar Power Project in Isabela, which will begin their respective testing and commissioning in the fourth quarter. — Sheldeen Joy Talavera