PETROWIND Energy, Inc. has been granted fiscal incentives by the Board of Investments (BoI) for its 13.2-megawatt (MW) Nabas-2 wind power project in Aklan province, the renewable energy firm said on Tuesday.
Francisco G. Delfin, Jr., president and chief executive officer of PetroGreen Energy Corp., said in an e-mailed statement that the approval of the incentives registration “will boost the power generation capacity of our service contract block.”
PetroWind is a joint venture of PetroGreen, the renewable energy arm of Yuchengco-led listed firm PetroEnergy Resources Corp., EEI Power Corp., and BCPG Public Co. Ltd. of Thailand.
Mr. Delfin said the project would contribute to the Department of Energy’s goal of making Western Visayas “a renewable energy (RE) hub of the country.”
PetroWind quoted BoI Managing Head and Trade Undersecretary Ceferino S. Rodolfo as saying that with the approval of the registration application for the P2.57-billion Nabas-2 wind farm, “we are grateful to the Yuchengco Group and Thailand’s Bangchak Group for their continuing trust and investment in the country.”
Under Executive Order No. 226 or the Omnibus Investments Code of 1987, a qualified enterprise may enjoy certain benefits and incentives provided it invests in preferred areas of investments enumerated in the Investment Priorities Plan.
In March, the company signed a 15-year term loan agreement worth P1.8 billion with the Development Bank of the Philippines.
The loan will fund the company’s major infrastructure buildup, which includes the installation of wind turbine generators, the construction of a temporary jetty, internal access roads, and a new substation and switching station.
PetroWind targets to complete the second phase of the project by 2024.
The Nabas-2 project is located south of the existing 36-MW Nabas-1 wind power project, which has been transmitting power since 2015.
Last month, PetroWind said it had started the second phase of the Nabas-1 wind power project, which would add six turbine generators to the existing 18 of the first phase.
The expansion will enable the company to increase the wind project’s capacity to 50 MW from 36 MW.
In the third quarter, PetroEnergy reported an attributable net income of P167.95 million, up 51.3% from P111.03 million recorded last year.
Gross revenues increased by 47.6% to P959.51 million from P649.92 million previously.
On Tuesday, shares of PetroEnergy went down by one centavo or 0.22% to close at P4.57 apiece. — Sheldeen Joy Talavera
PetroWind gets fiscal perks for Nabas-2 wind power project in Aklan
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