Trans-Asia’s San Lorenzo wind project granted FIT-COC

by Myrna Velasco – December 18, 2015 (updated)

from Manila Bulletin

The 54-megawatt San Lorenzo wind power project of Trans-Asia Renewable Energy Corporation will now start contributing favorably to its bottom line following regulatory approval of its certificate of compliance (COC) on feed-in-tariff (FIT) availment.

The wind facility’s FIT-COC was formally handed down by the Energy Regulatory Commission (ERC) last December 11, 2015.

That then officially signaled the project’s entitlement to a FIT incentive based on the second wave approval for wind technology – which the ERC had set at P7.40 per kilowatt -hour.

The facility’s FIT availment shall be retroactive from its stamped commercial operation date on December 27, 2014 and will last for 20 years or until December 26, 2034.

The project’s corporate vehicle TAREC is the renewable energy (RE) investment unit of Phinma-led Trans-Asia Oil and Energy Development Corporation.

According to Trans-Asia president Francisco L. Viray, the company will likely be able “to recognize revenues” from its wind farm on its financial results this year.

He similarly indicated that the company is poised to “move ahead with additional projects to expand our renewable energy portfolio as our contribution to addressing climate change.”

TAREC vice president Danilo L. Panes has added that their wind farm will supplement the power supply of Panay island, hence, easing the grid’s reliance on power being injected from plant capacities in Negros.

Trans-Asia is among the country’s energy players that continually expands its capital outlay for power projects – not just on RE ventures but also on conventional technologies underpinning the power industry’s base load requirements.

In its recent financial performance report, the company indicated the five-fold hike on its net income to P397 million as of end-September this year from P59 million on a comparative period in 2014.