A subsidiary of PetroGreen Energy Corp., PetroSolar Corp., has entered into a power supply agreement with Shell Energy Philippines Inc. (SEPH) to supply it with the total output of its 20-megawatt peak (MWp) Tarlac-2 Solar Power Plant.
The contract is a major step in the partnership of the companies in the field of renewable energy and it is supposed to help SEPH with its clean energy supply portfolio to commercial and industrial consumers. The arrangement secures PetroSolar of a stable offtake in a solar power price market that is increasingly tightening.
PetroGreen, which is the renewable energy division of listed PetroEnergy Resources Corp., is speeding up the growth of its solar portfolio. It is also aiming to finish two new utility-scale projects by the end of 2025, including the 40MWp Limbauan project in Isabela and the 25MWp Bugallon project in Pangasinan.
Also Read: Meralco to Sell 40% of its Stake in its Solar Power Subsidiary to Actis Firm
Meanwhile, its subsidiary EcoSolar Energy Corp. was given the go-signal by the government to build a 90-100MWp solar farm in Capiz, which is set to be commission in 2027. Shell Energy Philippines is the shell group company that provides industrial and commercial consumers with electricity in the country, providing them with cleaner energy alternatives.
The firm noted that the deal with PetroSolar reaffirms its plan to help the Philippines to transition to low-carbon energy. The two companies are also seeking other renewable energy ventures as they seek to play their part to ensure the long term energy security and sustainability goals of the nation.
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