SEC approves incorporation of PetroEnergy wind unit

The Securities and Exchange Commission has approved the incorporation of PetroWind Energy Inc., a wholly-owned subsidiary of PetroGreen Energy Corporation, which in turn is a wholly-owned subsidiary of local energy company PetroEnergy Resources Corp. PetroEnergy earlier said that it created a heads of agreement with Aklan Electric Cooperative Inc. for the construction of a single-circuit 68 kV overhead interconnection line for its wind farm project in Nabas, Aklan. PetroEnergy was awarded the Nabas contract in 2009In August last year, the National Grid Corporation of the Philippines (NGCP) approved and released the grid impact study for the Nabas project. PetroEnergy has also already received an environmental clearance certificate (ECC) from the Department of Environment and Natural Resources Region 6. PetroWind will begin development in Nabas this year and aims to start commercial operations by mid-2014. It is estimated that the plant will have generate 30 megawatts of power. — BM, GMA News