Petroenergy Resources Corp disclosed to the Philippine Stock Exchange (PSE) that they would undertake a stock rights offering in order to finance their foray into the emerging renewable energy sector. The company is initially known to be as an oil exploration company with oil prospects in the Philippines and Gabon Africa. With their entry into renewable energy generation they plan to setup a subsidiary for this venture that will have a capitalization of P200 M.
Petronenergy has recently won the geothermal service contract of the Maibarara geothermal field in Mt. Makiling in a recent bidding round with the Department of Energy. Aside from that they already have two wind energy projects in Sual, Pangasinan and Nabas, Aklan.
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Category: Oil, Clean Energy, Geothermal, Financing
