Business Mirror
WEDNESDAY, 28 SEPTEMBER 2011 20:02 MIGUEL R. CAMUS / REPORTER
PETROENERGY Resources Corp. (PERC) said on Wednesday the Maibarara Geothermal Inc. (MGI) recently signed a P2.4-billion loan agreement with Rizal Commercial Banking Corp. and the Bank of Philippine Islands to fund its 20-megawatt Maibarara geothermal power plant in Batangas.
MGI, which owns the service contract to put up the Maibarara project, is a joint-venture company among PERC, Trans-Asia Oil and Energy Corp., and Philippine National Oil Co.-Renewables Corp. (PNOC-RC). PERC holds 65-percent interest in the project, while Trans-Asia and PNOC-RC hold 25 percent and 10 percent interest, respectively.
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