PetroWind locks in 20-year tariff

Yuchengco-led PetroWind Energy Inc. (PWEI) has secured a guaranteed tariff of P5.7555 per kilowatt-hour (kWh) for 20 years for its 13.56-megawatt (MW) Nabas 2 wind project in Aklan, providing the company with a stable long-term revenue stream from the facility.

PWEI said Wednesday it signed a Renewable Energy Payment Agreement (REPA) with the National Transmission Corp. (TransCo), completing the final requirement for the project to receive payments under the first round of the government’s Green Energy Auction Program (GEA-1).

“The REPA is the final document allowing us to receive the guaranteed GEA tariff for Nabas 2 of P5.7555/kWh for 20 years ensuring stable revenue for our project.

We thank TransCo President & CEO Atty. Joseph Omar Castillo and his team for this REPA milestone,” PWEI Executive Vice President for Operations Francisco G. Delfin Jr. said.

Nabas 2 secured its green energy tariff under GEA-1 in 2022.

The agreement follows the issuance of a provisional authority to operate by the Energy Regulatory Commission in May and a Certificate of Endorsement-Green Energy Tariff by the Department of Energy in July.

PWEI is also preparing two more projects aimed at expanding its power portfolio and supply to the Visayas grid.

“Nabas-2 is only the first of the three new power projects that we commit to increase power supply and reliability in the Visayas.

These include the Panitan Battery Energy Storage System which we aim to put into commercial operation by the end of 2026 and the 90MW Panitan Solar Power Project which we target to connect to the Visayas grid by mid-2028,” Delfin said.

TransCo President and CEO Joseph Omar Castillo said the agreement is the first REPA signed for a wind project and the first under GEA-1.

“Today marks a significant milestone, the signing of the first wind and the first-ever REPA for GEA-1. Our congratulations to PetroWind and to all your stakeholders and supporters, for all your efforts and commitment to reach this milestone.

As we implement TransCo’s mandate as the administrator of the FIT-All and GEA projects, we look forward to a fruitful partnership and the successful implementation of this agreement moving forward,” Castillo said.