Phinma Energy secures contract for 45-MW solar park in Philippines

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.

Choose your newsletter by Renewables Now. Join for free!