SNAP signs supply deal with PetroEnergy units
RENEWABLE ENERGY company SN Aboitiz Power (SNAP) on Thursday said it signed a power supply deal with PetroGreen Energy Corp. and PetroSolar Corp. for SNAP’s retail electricity supply arm, Magat-Res.
“This partnership between SNAP and our companies is a fulfillment of our shared commitment of supporting energy security for the country through renewable energy,” Milagros V. Reyes, president of PetroGreen, said in a statement.
SNAP said it has secured 27.5-megawatt direct current (MWDC) from PetroGreen, the renewable energy arm of listed PetroEnergy Resources Corp. and 20-MWDC from PetroSolar, a joint venture of PetroGreen and EEI Power Corp.
“Partnerships and synergies are always in the market, but it is particularly exceptional when we do it with companies who share similar traits, and beliefs,” said Joseph S. Yu, president and chief executive officer of SNAP.
SNAP is a joint venture of Scatec and listed Aboitiz Power Corp.
It is the owner and operator of the 112.5-megawatt (MW) Ambuklao and 140-MW Binga hydroelectric power plants in Benguet. It also owns and operates the 388-MW Magat hydroelectric power plant which is located on the border Isabela and Ifugao, and the 8.5-MW Maris hydroelectric power plant in Isabela.
Meanwhile, PetroGreen, through its subsidiaries, is the operator of five power stations using geothermal, wind, and solar energy. These power stations are the Maibarara geothermal power plant in Batangas; the 36-MW wind project with a planned expansion of about 14 MW in Nabas and Malay, Aklan; and the 70-MW-direct current solar project in Tarlac City.
On Thursday, shares in PetroEnergy closed 0.84% lower at P4.70 per share while shares in Aboitiz Power rose by 3.4% to close at P38.05 apiece. — AEOJ