PERC pushes 4-yr targets despite delays due to COVID

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    PetroEnergy Resources Corp. (PERC) targets to hit a portfolio of 350 to 400 megawatts (MW) in the next three to four years despite delays in project development due to the pandemic .

    “Our lean organizational structure became an advantage when we needed to efficiently deploy work-from-home tools and implement new work schedules for our back room activities and support processes. What we were not able to remedy was the big slowdown in almost all aspects of development work from government permitting to site acquisition.

    This has pushed our expansion program to 12 months,” said Milagros Reyes, PERC president, in an online briefing yesterday hosted by the Yuchengco Group of Companies.

    Reyes said PERC will continue to build at least one power plant each year, a business model it has adopted since 2014 to hit the 400 MW goal before focusing on offshore wind power projects.

    “(Construction of offshore wind projects) will take no less than three years because there is a mandatory twoyear data gathering required under the service contract. For offshore, wind farms are usually built for more than 100 MW and they are very expensive too,” Reyes added.

    However, she warned that in the next two to three years, the total number of solar and wind projects to be completed in the Philippines may not reach more than 1,000 MW as the energy sector will still be adjusting to government’s pronouncements against new coal-fired power plants against RE related policies and the expected price competitiveness of clean energy sources.

    In the same briefing, Eugene Acevedo, president and chief executive officer of Rizal Commercial Banking Corp. said renewable energy is also expected to further flourish as banks are now veering away from funding coal-fired power projects and shifting preferences towards RE and even natural-gas fired plants.

    At present, RE accounts for 85 percent of PERC’s business and revenue.