MANILA, Philippines - Ayala Corp.'s power unit AC Energy Holdings Inc. has received the feed-in tariff certificate of compliance (FIT-COC) from the Energy Regulatory Commission (ERC), the power regulator.
With the green light from the ERC, AC Energy's two projects are entitled to the FIT rate for wind of P8.53 per kilowatt-hour.
"This entitles both its 19-megawatt wind farm expansion in Bangui, under Northwind Power Development Corp., and its 81-MW wind farm in Caparispisan, Pagudpud under North Luzon Renewable Energy Corp. to a feed-in-tariff of P8.53 per kilowatt hour for a period of 20 years," Ayala Corp. said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.
The FIT rate covers the period Oct. 10, 2014 to Oct. 9, 2034 for Northwind's 19 MW and Nov. 11, 2014 to Nov. 10, 2034 for North Luzon Renewables' 81 MW, the company added.
In the past three years, the Ayala conglomerate has committed over $700 million in equity to build much needed baseload capacity and develop renewable energy sources.
The group is targeting to put up 1,000 MW in capacity by 2016.
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Energy Development Corp. (EDC), the Lopez-owned geothermal company, has also received its FIT certificate from the ERC.
FIT is a set of incentives given to renewable energy players. Under this system, renewable energy companies are entitled to the following FIT rates: P9.68 per kwh for solar power, P8.53 per kwh for wind and P5.90 per kwh for run-of-river hydroelectric power. Iris Gonzales
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