by Lenie Lectura – December 18, 2015
from Business Mirror
Trans-Asia Renewable Energy Corp. (Tarec), a fully owned subsidiary of Trans-Asia Oil and Energy Corp., said on Friday the Energy Regulatory Commission (ERC) has certified its wind-power project in Guimaras province in Western Visayas.
Tarec said it received a Certificate of Compliance (COC) from the commission on December 11 for its 54-megawatt (MW) San Lorenzo wind-farm project.
“We are pleased with the outcome of our wind farm, which supplements the energy requirements of Panay, reducing the island’s reliance on power from Negros, improving the reliability of the Visayas grid,” said Danilo Panes, Tarec vice president.
The COC entitles Tarec to recognize its feed-in tariff at an approved rate of P7.40, with a retroactive period beginning from December 27, 2014, for a guaranteed period of 20 years until December 26, 2034.
“This is a positive development for Trans-Asia Oil and Energy Development Corp., as parent company of Tarec. We can fully recognize generation revenues from our 54-MW wind farm in Guimaras with retroactive effect on our financial results for the year.
“We are committed to promoting clean and sustainable energy, and can move ahead with additional projects to expand our renewable-energy portfolio as our contribution to addressing climate change,” said Francisco Viray, president and CEO of Trans-Asia.
Trans Asia, the energy arm of the Phinma Group, reported a P397-million consolidated net income for the nine months ending September 2015. This is more than five times higher than the P59-million net income posted during the same period of the previous year.
Net income was largely driven by an increase in generation revenue, which amounted to P1.02 billion for the nine-month period, a 41-percent increase in revenue from P723 million in the previous period.