Philippines: PetroEnergy gets ECC for green power project in Palawan

Philippines: 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.

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Link to Original Article:
http://www.bworldonline.com/content.php?section=Corporate&title=petroenergy-
gets-ecc-for-green-power-project-in-palawan&id=149084

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com