3 companies are set to sign a Joint Venture Agreement on May 19 for the development of a geothermal energy at Mt. Makiling. These three companies are Petrogreen Energy Corp., Trans-Asia Oil and Energy Development Corp., and PNOC-Renewables Corp.
Petrogreen is a subsidiary of Petroenergy Resources Corp. It was by disclosure to the SEC that they announced that they were establishing Petrogreen to handle their renewable energy projects. Petrogreen was capitalized by a P200 million investment. Inline with that they had also announced that they were using stock rights offerings to fund their renewable energy projects.
Petroenergy was recently awarded the contract for the Maibarara geothermal field at Mt. Makiling. The winning bid submitted by Petroenergy called for the development of an integrated steamfield and power plant development with the initial 20MW powerplant to be finished by 2013.
Aside from the Maibarara field, Petroenergy also has contracts awarded to them for the development of wind energy at Sual, Pangasinan and Nabas, Aklan.
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Category: Investing, Geothermal
