SN Aboitiz Power Group will source renewable energy from Yuchengco-led renewable energy producers PetroGreen Energy Corporation and PetroSolar Corporation to power up its Retail Electricity Supply arm — the Magat-RES.
Both companies signed a power supply agreement last Tuesday, under which SNAP will get 27.5 megawatts of direct current from PetroGreen’s Dagohoy Solar Power Project in Bohol and 20 MWdc from PetroSolar’s Tarlac-2 Solar Power Facility.
“Partnerships and synergies are always in the market, but it is particularly exceptional when we do it with companies who share similar values, traits, and beliefs,” SNAP Group president and CEO Joseph Yu said in a statement on Thursday.
Easy working with SNAP
Meanwhile, PetroGreen and PetroSolar president Milagros Reyes said: “It’s easy working with SNAP because we both have a clear understanding of our respective aspirations, and so we positively see areas for a winning partnership.”
“This partnership between SNAP and our companies is a fulfillment of our shared commitment to supporting energy security for the country through renewable energy.”
As a Retail Electricity Supplier established in June 2011, SNAP’s primary source of energy is hydroelectricity harnessed from its four power plants in Benguet and Magat.
To address the specific and unique requirements of its partners, SNAP-RES has the flexibility to source power from other means, such as the spot market.
SNAP is a joint venture of Scatec and Aboitiz Power Corporation, while PetroGreen and PetroSolar own and operate geothermal, wind, and solar generation facilities across the country.