PETROWIND Energy Inc. on Wednesday said that it had signed a renewable energy payment agreement with National Transmission Corp. (TransCo) for the Green Energy Auction tariff of its 13.56-megawatt Nabas wind power project in Aklan.
The company said it was issued 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.
The renewable energy payment agreement is the final document allowing it to receive the guaranteed GEA tariff for Nabas-2 of P5.7555 per kilowatt-hour for 20 years and ensure stable revenue for the project.
Nabas-2 is the first of the three new power projects that was committed to increase power supply and reliability in the Visayas.
PetroEnergy Resources' share price rose by a centavo to close at P4.80 apiece on Wednesday.
