PHINMA Energy to invest in solar projects
LISTED PHINMA Energy Corp. is investing in solar projects as it sees a bright future for solar renewable energy (RE).
In its 2017 annual report, PHINMA said that aside from solar projects, it is also exploring off-grid solar applications.
It will engage in solar power generation and develop retail solar products through its subsidiary PHINMA Solar Energy Corp.
The first installation will be on PHINMA Education Network’s Cagayan de Oro College and University of Pangasinan, the Information Center at PHINMA Renewable Energy Corp.’s San Lorenzo Wind Farm in Guimaras, and Union Galvasteel Corp. in Calamba, Laguna.
The listed firm added that it was looking forward to develop more projects out of its 400-megawatt (MW) portfolio of wind service contracts nationwide through unit PHINMA Renewable Energy Corp.
Last year, PHINMA Energy entered into a 25-year solar energy service contract with the Department of Energy (DoE) covering a 648-hectare area in Bugallon, Pangasinan. The company hopes to set up a 45-MW solar farm in the municipality.
PHINMA Energy also struck another 25-year solar energy service contract covering a 486-hectare area in Padre Garcia, Batangas. It also hopes to build a 45-MW solar farm in the area.
“Advanced development activities are being implemented for the 40-MW Sibunag wind farm project in Guimaras in preparation for the implementation of the DOE’s RPS [Renewable Portfolio Standard] for On-Grid Areas in 2020,” it added.
In the early part of last year, the firm subscribed to an increase in authorized capital and preferred shares in PHINMA Renewable Energy amounting to P2.35 billion to set the base for expanding its wind capacity in the future.
PHINMA Energy, whose consolidated net income slumped 74 percent to P347 million in 2017 from P1.38 billion in 2016, is primarily engaged in power generation and supply, with secondary investments in petroleum and geothermal corporation.
The company said it ended 2017 as the second largest single electricity supplier in the country with a market share of 12.22 percent, based on the Energy Regulatory Commission’s (ERC) statistical data for December 2017.
Shares of PHINMA Energy dropped 1.89 percent to close at P1.56 each on Thursday.
Read More At: https://www.manilatimes.net/phinma-energy-to-invest-in-solar-projects/392249/
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