By Juzel L. Danganan
MANILA, April 26 (PNA) — PetroGreen Energy Corp., a wholly-owned subsidiary of Petroenergy Resources Corp. (PERC), is targeting to complete the feasibility study for its solar project by the third quarter of this year said Vice President Francisco Delfin Jr.
”By the 3rd quarter of this year, for the solar study,” Delfin told reporters.
He noted PetroGreen is evaluating whether the solar project will finish installations before the March 2016 qualification deadline for the Feed-in-Tariff (FIT).
The FIT will allow PetroGreen to charge Php 9.68 per kilowatthour (kWh) for its generation output.
Delfin said PetroGreen is completing the environmental impact studies, grid impact study, conceptual engineering design and undergoing screening for potential EPC contractors.
He said the project cost will be known after integrating all the studies.
The estimated 10- to 50-megawatt (MW) solar farm will be built near Hacienda Luisita in a 50-hectare lot in Tarlac.
He added results of the studies will reveal how PetroGreen fair with other solar developers.
PetroGreen was invited to look at potential sites, but had not started any studies – due to the policy uncertainty with the FIT.
”There are invitations for us to look at other sites, but we have not really exerted that extra effort to investigate this… We do not know what will be the Department of Energy’s (DOE’s) policy after the first 500 MWs will be consumed,” Delfin said.
He emphasized the profitability of its first solar project will be a factor in its decision to whether create more solar farms in the future or not.
Meanwhile, PetroGreen has not started a study yet whether its 36-MW Nabas Wind Farm lot could also have a solar panel installation.
Delfin, who is the Vice President for both PetroGreen and Petroenergy, pointed out the terrain for the solar farm was ideally flat, contradictory to its mountainous terrain for the Nabas wind farm.
If PetroGreen continue with a solar project in the area, Delfin noted, the company would have to secure another service contract and undertake a solar evaluation study.
PetroGreen Energy Corp. is the renewable energy arm of PERC. (PNA)