Petro Energy Resources Corp. (PERC) subsidiary, Petro Wind Energy Inc. (PWEI) has taken out a P1.8 billion loan from the Development Bank of the Philippines (DBP) for the construction and development of the 13.2 megawatt MW Nabas-2 power project in Aklan.
In a disclosure to the Philippine Stock Exchange, PERC said the agreement was signed on Wednesday.
It said the 15-year loan will fund the supply and installation of wind turbine generators and the construction of a temporary jetty, internal access roads, new substation and switching station.
“PWEI is DBP’s partner since 2013 and we are grateful that we have their support again for Nabas-2. The success of our collaboration with DBP proves that public-private partnerships built on the commitment to development, ushers in long-term benefits to the environment, communities and the country,” said Milagros Reyes, PWEI president, in a statement.
The Nabas-2 project is located in the same service contract block as PWEI’s existing 36 MW Nabas-1 project.
Last year, PWEI won the contract to supply clean and renewable power to the Visayas grid under the Department of Energy’s (DOE) Green Energy Auction Program.
PWEI is a joint venture of PetroGreen Energy Corp. (PGEC), EEI Power Corp. and BCPG Public Company Ltd. of Thailand.
The PGEC is the renewable energy arm of Yuchengco-led PERC.
Apart from the Aklan wind farm, among PERC’s operating assets include the 32 MW Maibarara geothermal project and the 70 MW Tarlac solar project.
PERC also has a minority stake in the Etame oil concession in offshore Gabon, West Africa.
PERC through its subsidiary, PetroGreen Energy Corp., also recently acquired three new offshore wind blocks from the DOE covering offshore northern Luzon, northern Mindoro and eastern Panay.
