PetroEnergy Resources (PERC) reported positive developments in two of its renewable energy projects, the Maibarara geothermal power plant in Laguna and the Nabas wind farm in Nabas, Aklan.
In a disclosure to the stock exchange, PERC said its joint venture unit Maibarara Geothermal received a certificate of endorsement (COE) from the Department of Energy declaring the Maibarara project is consistent with the government’s Power Development Plan.
MGI also signed an agreement with the DOE to establish a ER 1-94 trust account for the 1 centavo per kWh financial benefit for the host communities of the project.
These are both requirements for the Energy Regulatory Commission’s (ERC) issuance of a certificate of compliance to a generation company before it starts commercial operations.
“The issuance of the COE and the execution of the ER 1-94 MOA are positive indicators that the permitting process for the Maibarara Project is progressing as scheduled towards its targeted commercial operation date in October 2013,” it said.
The development of the site of the 20 MW Maibarara geothermal power project in Calamba, Laguna is 85 per cent completed.
MGI is a joint venture corporation owned by PERC’s wholly-owned subsidiary PetroGreen Energy, 25 per cent owned by Trans-Asia Oil and Energy Development and 10 per cent owned by PNOC Renewables Corp.
Meanwhile, PERC said the National Commission on Indigenous Peoples Region VI/ VII issued a certificate of non-overlap for its Nabas wind farm project.
The project, which is being undertaken by the company for the DOE, involves the operation of a 40-50 MW wind power plant to supply electricity to the Visayas grid by 2014.
The certificate of non-overlap, which means there are no existing ancestral domain claims within the 2,000 hectare service contract area, is one of the requirements for the power project’s declaration of commerciality.
The Nabas project is in its third year of feasibility studies. The final investment decision will depend on the ERC approval for the feed-in tariff for renewable energy power projects.
