October 11, 2017
THE Department of Energy (DoE) has
granted the one-year extension of Aragorn Power and Energy Corp.’s
(APEC)geothermal renewable energy service contract (GRESC).
Aragorn’s parent company APC Group
told the stock exchange on Wednesday that it received the agency’s approval
letter yesterday.
“In its letter, the DoE noted that
APEC has substantially performed its work commitments and approved the GRESC
contract extension until 24 Sept. 2018,” the firm said in the statement.
Aragorn operates the $300-million
geothermal power plant in Kalinga and Apayao in partnership with Chevron Corp.
The APC Group’s investments focus on
energy and mining businesses. The firm is 46.59% owned by another publicly
listed company, Belle Corporation.
Shares of APC rose 1.82% on
Wednesday to close at P0.56. — Janina C. Lim
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