Corporate News

PERC SRO proceeds for power plants

Posted on June 09, 2015

PETROENERGY Resources Corp. (PERC) has raised P600 million via stock rights offering (SRO), proceeds of which will be used to fund the company’s ongoing projects.

In a notice yesterday, the Philippine Stock Exchange said “PERC certified that the rights offer was fully subscribed.”

PERC likewise reported that the 136,912,110 shares -- valued at P4.38 apiece -- were fully paid.

RCBC Capital Corp. served as the transaction’s lead underwriter.

PERC’s board of directors in December last year approved the conduct of an SRO to support the company’s expansion projects.

These projects were earlier identified as the expansion of Etame Project; the expansion of the 20-megawatt (MW) Maibarara geothermal power plant; and the completion of the 50-MW Nabas wind farm in Aklan.

PetroEnergy holds a 2.525% interest in the Etame Marin block located in Gabon, Africa.

The company -- through PetroGreen Energy Corp. (PGEC) -- has a 65% interest in Maibarara Geothermal, Inc., the owner and operator of the 20-MW geothermal plant in Sto. Tomas, Batangas.

In the pipeline is a 10-MW expansion of the geothermal plant.

Through PetroWind Energy, Inc., the company is also building a 50-MW wind farm located in a site straddling the municipalities of Nabas and Malay in Aklan.

Last month, the company through PGEC also secured a new service contract for its maiden solar power project.

The plant, which will be located in a 50-hectare property in Tarlac City, will have a capacity ranging between 10 MW and 50 MW, PERC had said. -- Claire-Ann Marie C. Feliciano