News

Details on JV for 20MW Maibarara project at Mount Makiling, Philippines

Mount Makiling, Laguna, Philippines
Alexander Richter 23 Aug 2010

The JV partners, PetroGreen, Trans-Asia Oil, EDC and PNOC-Renewables have incorporated Maibarara Geothermal Inc as a corporate vehicle for the 20MW and US$62million project at Mount Makiling in Laguna, Philippines.

According to locan news, “the three-firm partners in the proposed 20-megawatt Maibarara geothermal facility, to be sited along the western flank of Mount Makiling in Laguna, will be spending P2.8 billion (US$62 million) to bring the project into fruition.

Project partners – PetroGreen Energy Resources Corporation (PetroGreen), Trans-Asia Oil and Energy Development Corporation, and Philippine National Oil Company-Renewables Corporation – have just incorporated the Maibarara Geothermal Inc. (MGI) as corporate vehicle for the venture.

Capitalized at P1.125 billion (US$ 25m), PetroGreen assumes majority equity of 65 percent; Trans-Asia cornered the 25 percent while PNOC-RC serves as minority shareholder.

The proposed plant is targeted on stream by the second half of 2013, in time for the anticipated crossover of supply and demand in the Luzon grid.

In a disclosure to the Philippine Stock Exchange, Trans-Asia indicated that “the parent company of PetroGreen, PetroEnergy will assign the said contract to MGI, subject to DoE’s (Department of Energy) approval.”

The project partners earlier apprised media that they have already secured environment compliance certificate (ECC) for the project enabling them to move further ahead into the implementation phase.

The propounded geothermal facility would be able to avail of the incentives set forth under the Renewable Energy Act.”

Source: Manila Bulletin