In a recent report to the local stock exchange, power developer PetroEnergy Resources Corp. (PERC) has stated a positive boost on development in its renewable or green energy projects. The two projects, a geothermal power plant and a wind farm, have shown to be fruitful ventures.
The first project, the Maibarara geothermal power plant located in Laguna, has been awarded with a certificate of endorsement (COE) from the Department of Energy (DOE). The certificate proves that PERC’s geothermal project is in-line with the government’s Power Development Plan. Also, the Maibarara geothermal power plant has signed an agreement with the DOE to create an ER 1-94 trust account, which is a potential lead towards the plant’s commercial operations. As to date, the Maibarara geothermal power plant is currently 85% completed, with plans to start operations late next year (October 2013).
PERC’s other project, a 40-50 MW wind farm in Nabas, Aklan, is projected to be completed by 2014. The Nabas wind farm is planned to provide power for the Visayas grid. The wind farm is currently on a feasibility study stage (on a 3rd year since its conceptualization), wherein the final steps of actual implementation and operation depends on the Philippines’ final decision on its feed-in tariff rates on commercial distribution.
