Published
By MYRNA M. VELASCO
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.
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