Sep 14 (Renewables Now) - Philippine-based power generator Phinma Energy Corp (PSE:PHEN) on Wednesday unveiled plans for the construction of a 45-MW solar park in the province of Batangas.
In a statement on the Philippine stock exchange, the company said it has signed a service contract for the project with the Department of Energy (DOE) that gives it the right to explore, develop and use the solar resource in a 486-ha (1,201-acre) area in the city of Lipa and the municipality of Padre Garcia. The contract was signed for a 25-year term and has an extension option for another 25 years.
Phinma Energy, previously known as Trans-Asia Oil and Energy Development Corp, has nearly 500 MW of power generation capacity in its portfolio, it says on its website. In July, the company was awarded a service contract for a 45-MW photovoltaic (PV) park in Bugallon, Pangasinan province, which was its first venture into solar energy, according to president and CEO Francisco Viray.