Yuchengco’s EEI to receive incentives for power plant
The power subsidiary of EEI Corp. of Bilyonaryo Alfonso Yuchengco is set to receive incentives for its 50-megawatt solar power plant in Tarlac.
The Energy Regulatory Commission (ERC) released the provisional authority to operate as a Feed-in-Tariff (PAO-FIT) eligible power plant to PetroSolar Corp.’s power facility.
EEI Power Corp. owns a 44 percent shareholder of PetroSolar while PetroGreen Energy Corp. owns 56 percent.
PetroSolar’s 50-MW Tarlac solar farm is the largest single solar power facility completed in the country to date.
Once cleared by the Department of Energy (DOE) and the ERC, the facility will be able to receive incentives under the FIT scheme, particularly the FIT rate of P8.69 per kilowatt-hour (kwh).
The energy facility covers 55 hectares of industrial land within the Philippine Economic Zone Authority -registered Central Technopark in Tarlac City.
PetroSolar received the service contract for the Tarlac solar project in March last year and secured its declaration of commerciality last Sept. 24.
The firm engaged Syntegra Solar as engineer, German firm Conergy for the solar farm design, supply and delivery of solar panels and related equipment.