PGEC device, SNAP ink power supply transaction

PETROGREEN Energy Corp. (PGEC) said on Monday that subsidiary San Jose Green Energy Corp. (SJGEC) has signed a 10-year power supply agreement with SN Aboitiz Power Group (SNAP).

Under the agreement, which will take effect in 2025, SJGEC will provide 15.6 megawatts of alternating current (MWac) to SNAP through its renewable energy facilities.

Francisco Delfin Jr., the company’s president and CEO, said the deal “enhances the feasibility of PGEC’s San Jose solar power project in Nueva Ecija.”

“The five power supply contracts we have signed with SNAP since 2019 are a testament to the ongoing mutually beneficial relationship between our companies and our shared commitment to enhancing the nation’s energy security through renewable energy,” he added.

PGEC said site development and transmission line work for the 10.1-MW direct current phase of the San Jose project is underway and is expected to be completed in early 2025.

“This long-term renewable energy investment with PGEC is consistent with our mission to provide responsible energy to customers who share our commitment to advocating for sustainability and driving positive change in the country,” said SNAP President Joseph Yu.

PetroEnergy’s stock price remained unchanged at P4.48 per share on Monday.

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