PetroEnergy Resources Corp. (PERC) said its renewable energy arm PetroGreen Energy Corp. (PGEC) is set to acquire two existing solar projects in Luzon.
Louie Mark Limcolioc, PGEC assistant vice president for legal and corporate affairs, said in a statement term sheets for the company’s takeover of the San Jose, Nueva Ejica and the San Pablo in Limbauan, Isabela solar projects were signed separately last April 19 with VMARS Solar Energy Corp. and BKS Green Energy Corp., respectively.
Limcolioc said transaction close will be completed in the coming weeks.
Maria Victoria Olivar, PGEC for vice president for commercial operations, said the San Jose solar project covers 17.1 hectares while the San Pablo service contract covers 29.8 hectares, adding as much as around 60 megawatts (MW) of capacity to the company.
Olivar said the projects are expected to be fully operational by 2025.
PGEC currently operates the 50 MW Tarlac-1 and the 20 MW Tarlac-2 solar power facilities in Central Technopark, Tarlac City. It is also developing the 27 MW Dagohoy solar project in Bohol and the 25 MW Bugallon solar project in Pangasinan. -Jed Macapagal
