Petro Energy Resources sells small stake in PetroGreen Energy Corp.

Maibarara geothermal field at Mount Makiling, Philippines
Francisco Rojas 11 Jun 2015

Philippine listed Petro Energy Resources Corp. sells 10% stake in renewable energy subsidiary.

Petro Energy Resources Corp (PetroEnergy), a listed oil and mining company in the Philippines, has sold 10 per cent stake in its subsidiary PetroGreen Energy Corp (PetroGreen), reducing its interest to 90 per cent.

PetroEnergy informed the stock exchange that it sold a total of 206,602,805 of its PetroGreen shares to EEI Power Corp (EEIPC), priced at P1.835.

The latter is a subsidiary of listed construction company EEI Corp. “The decision to sell a 10 per cent equity interest in PGEC was prompted by PetroEnergy’s need to raise additional funds to finance its renewable energy projects while still maintaining a controlling interest in PGEC,” said PetroEnergy president Milagros Reyes.

PetroGreen has a 65 per cent interest in the now commercially operating 20 MW Maibarara Geothermal Plant in Sto Tomas, Batangas, and a 40 per cent interest in the 36 MW Nabas Wind Power Project in Nabas and Malay, Aklan, which is about to reach commercial operations.

Source: DealStreet Asia