Solana Solar Alpha, Inc. , a subsidiary of Alternergy Holdings Corp., will supply 10 megawatts to Peninsula Electric Cooperative Inc. .
Under the 20-year power supply agreement they both signed, Solana will source the 10MW from its proposed Solana solar power project to be located in Hermosa, Bataan. Gerry Magbanua, president of Alternergy and director of Solana Solar, said the renewable power from the proposed solar project will reduce Penelco’s dependence on power supply using imported fossil fuels.
Moreover, the Solana solar project will provide competitively-priced electricity to Penelco with no fuel charges over the contract period. As an embedded power generation within its franchise area, the Solana solar project will yield savings to its consumers through avoided transmission fees and zero-VAT on the purchased power. Estimates made by Penelco indicate substantial savings of up to P90 million a year. Penelco’s supply mix is currently dominated by coal supply which is exposed to fuel price increases.
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