PetroGreen Energy Corporation (PGEC), the renewable energy holding unit of publicly-listed PetroEnergy Resources Corporation (PERC), is set to acquire two existing solar projects in Luzon.
“Term sheets for PGEC’s takeover of the San Jose solar project in Nueva Ejica and the San Pablo (Limbauan, Isabela) solar projects were signed separately last April 19, 2023, with VMARS Solar Energy Corporation and BKS Green Energy Corp., respectively. Transaction closing is expected to be completed in the coming weeks,” PGEC AVP for Legal and Corporate Affairs Louie Mark R. Limcolioc said.
PGEC through its PetroSolar Corp. subsidiary currently operates the 50MWDC Tarlac-1 and the 20MWDC Tarlac-2 solar power facilities in Central Technopark, Tarlac City. PGEC is also developing the 27MWDC Dagohoy solar project in Bohol and the 25MWDC Bugallon solar project in Pangasinan.
“The San Jose project covers 17.1 hectares while the San Pablo service contract encompasses 29.8 hectares. Thus, together the two projects can add as much as 60MWDC capacity to PGEC’s solar portfolio when they are fully operational which we target by 2025,” added PGEC VP for Commercial Operations Maria Victoria M. Olivar.