PetroEnergy earmarks ₱370 million more for RE

By MYRNA M. VELASCO – January 21, 2020, 10:00 PM
from Manila Bulletin

Yuchengco firm PetroEnergy Resources Corporation (PERC) had coughed up additional investments last year for its targeted renewable energy (RE) projects.

The company, in a report submitted to the Philippine Stock Exchange (PSE), noted that for RE ventures, the company earmarked ₱370.129 million out of the ₱752.294-million proceeds fetched from a stock rights offering (SRO) it had previously undertaken.

Further, the company said it allocated ₱36.774 million for general and corporate requirements; then ₱177.720 million had been funneled to loans and interests.

With the extent of its spending last year, the publicly listed Yuchengco firm said its remaining balance from the SRO proceeds stood at ₱167.669 million as of end-December 2019.

The RE development portfolios of the Yuchengco group include those on geothermal technology via the Maibarara project in Batangas; the solar farm in Tarlac; and the Nabas wind power project in Aklan.

In December, the company announced that it secured a new service contract from the Department of Energy (DOE) warranting it to pursue greenfield wind farm power project in San Vicente town in Palawan province.

The next step for the company – following the award of the service contract – will be to proceed with feasibility studies to ascertain the commercial viability of the block.

By far, this will prospectively be the second wind farm venture of the company – the first was the 36MW commercial scale installation that partly provides the electricity needs of island-paradise Boracay.

To bring that facility to its originally targeted capacity of 50 megawatts – by expanding it with 14MW more, the Yuchengco firm previously set forth that it will be injecting additional capital outlay of ₱1.4 billion for the venture.