Maibarara geothermal plant lifts income for PetroEnergy, Phillipines
PetroEnergy's net income in 2018 increased by 63% to P695 million due in part to the commercial operations of the 12-MW Maibarara-2 geothermal power plant.
The commencement of commercial operations of PetroEnergy’s 12-MW Maibarara-2 geothermal plant on April 30, 2018 helped boost the consolidated net income of PetroEnergy Resources Corp. last year by 63% to P695 million.
Through its renewable energy holding unit PetroGreen Energy Corp., PetroEnergy operates four power generating units. These include the 20-MW Maibarara-1 and 12-MW Maibarara-2 geothermal plants in Sto. Tomas, Batangas. PetroGreen Energy also operates the 36-MW Nabas-1 wind farm and the 50-MW Tarlac-1 solar plant.
Aside from the new geothermal plant, PetroEnergy also attributed their profit growth to a 20% increase in oil revenues and doubling of net income from equity holders.
Source: Business World