MANILA, Philippines — EEI Power Corp., the power subsidiary of Yuchengco-led construction firm EEI Corp., is joining the renewable energy bandwagon by venturing into solar rooftop development.
In a regulatory filing, EEI said the unit is eyeing to become a major player in the solar rooftop market.
“EEI Power is increasing its presence in the renewable energy space by positioning itself among the top players in the solar rooftop market by serving commercial, industrial, and even residential customers all over the country,” it said.
Apart from solar rooftop, EEI Power is also looking to develop hydropower, battery energy storage systems and other emerging technologies.
EEI’s first foray into the power sector is through the 15-megawatt (MW) heavy fuel oil peaking power plant in Tagum City, Davao del Norte in 2012.
The Tagum plant started commercial operations on Dec. 26, 2013, serving the power requirements of Davao del Norte Electric Cooperative’s (DANECO) franchise area.
However, in February last year, EEI Power divested its interest in the diesel plant, which was sold to Strategic Energy Development, a subsidiary of SMC Global Power Holdings Inc.
This is in consonance with its commitment towards environmental stewardship through the utilization and deployment of clean and sustainable energy.
EEI Power has a 10 percent stake in PetroGreen Energy Corp., another Yuchengco firm, and is among the proponents of the 32-MW Maibarara geothermal power plant project in Batangas.
It also has a 20 percent participation in PetroWind Energy Inc.’s 36MW Nabas-1 wind farm in Aklan and a 44 percent share in the 50-MWp Tarlac-1 Solar PV power plant of PetroSolar Energy Inc. in Luisita, Tarlac.
EEI Power is adding a new revenue stream as it delves into the retail electricity supply market through wholly owned subsidiary EEI Energy Solutions Corp, which was formed in February last year. The newly-incorporated unit will participate in the competitive retail electricity market (CREM) by providing retail energy supply to contestable customers in both Luzon and Visayas.