By Danessa Rivera (The Philippine
Star) | Updated July 28, 2017 - 12:00am
MANILA, Philippines - PetroEnergy
Resources Corp. (PERC) of the Yuchengco Group is looking to raise P1 billion
through a stocks right offer to partly finance plans to double its renewable energy
capacity in two years.
In a disclosure to the local bourse
yesterday, PERC said it is planning a pre-emptive rights offer to raise
approximately P1 billion.
“The offer price and other details
of the offer will be announced as soon as determined,” it said.
PERC said proceeds from the capital
raising activity will be used to finance renewable energy projects and for
general corporate purposes.
PERC AVP for finance Carlota Viray
said the company is studying how to raise funds for four projects lined up in
the next two years amounting to P6.7 billion.
One of the options for fundraising
is through the stock rights offering which is targeted in the third quarter of
the year, PERC vice president Francisco Delfin Jr. said in an interview.
“PERC is looking at the capital
markets to raise P1 billion equity component of the P6-7 billion total
aggregate project cost of expansion and new projects,” he said.
“It’s the equity side that we’re
trying to generate from the capital markets via stock rights offer,” Delfin
said, noting the balance will be sourced through loans.
This year, PERC is targeting to
complete the 12-megawatt (MW) Maibarara geothermal-power project expansion in
Batangas, which has a P1.9-billion project cost.
The company has also allotted P855
million for a 5-10 MW hybrid solar power project in Puerto Princesa, Palawan.
It is targeted for commercial operations by the first quarter next year.
Meanwhile, P1.6 billion is earmarked
for the 14-MW expansion of the Nabas wind farm in Aklan and P2.4 billion for
the 49-MW Tarlac-2 solar-power project.
Once all these projects are
completed, these projects will help the company nearly double its capacity in
the next two years, Delfin said.
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