PetroWind expands wind project


PETROWIND Energy, Inc. has started constructing the second phase of its 36-megawatt (MW) Nabas wind power project in Aklan, which is targeted to be completed next year.

In a media release over the weekend, the unit of Yuchengco-led listed firm PetroEnergy Resources Corp. said it would add six turbine generators to the existing 18 of the first phase.

The expansion will enable the company to increase the wind project’s capacity to 50 MW from 36 MW.

PetroWind has secured the necessary permits from the Department of Energy (DoE) and the Department of Environment and Natural Resources (DENR) and other local government units.

PetroWind is a joint venture of PetroGreen Energy Corp. (PGEC), the renewable energy arm of PetroEnergy, EEI Power Corp., and BCPG Public Co. Ltd. of Thailand.

“The commencement of this project underscores our commitment to help address the growing demand for power in the Visayas grid while fostering sustainable development in the countryside and long-term partnerships with our stakeholders,” said Yrel Ventura, senior manager for environment and community relations manager of PGEC.

As part of its sustainability framework, the company, in partnership with the DENR, adopted a 41-hectare forest plantation and was able to plant about 50,000 seedlings through its annual tree-planting activity with host communities.

It has also invested more than P175 million in bioengineering solutions for its ridge-to-river rehabilitation program.

In the third quarter, PetroEnergy reported an attributable net income of P167.95 million, up 51.3% from P111.03 million recorded last year.

Gross revenues increased by 47.6% to P959.51 million from P649.92 million previously. — Sheldeen Joy Talavera


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 TheProficientInvestor. All Rights Reserved.

To Top