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Petroenergy Resources to issue stock to fund Maibarara project

Maibarara geothermal field at Mount Makiling, Philippines
Francisco Rojas 10 Dec 2014

PetroEnergy holds through PetroGreen Energy Corp. (PGEC) a 65% interest in Maibarara Geothermal, Inc. which currently generates 20-MW. The funds would be used to add a 10-MW expansion to the geothermal plant.

Petroenergy Resources is looking into issuing stock in order to get funding to further develop the Maibarara geothermal project in the Philippines.

According to Business World Online, “PetroEnergy said its shareholders likewise approved the increase in its authorized capital stock to P700 million from P330 million.”

The same source states that Mr. Profeta, PetroEnergy’s head of Corporate and Legal Affairs said “the decision to both conduct an SRO and increase the capital stock were “brought about by the need for funding in order for the company to finance its share” in various projects. He identified the projects as the expansion of Etame Project; additional capacity for the 20-megawatt (MW) Maibarara geothermal power plant; and the completion of the 50-MW Nabas wind farm in Aklan.”

As of now, PetroEnergy holds through PetroGreen Energy Corp. (PGEC) a 65% interest in Maibarara Geothermal, Inc. which currently generates 20-MW. The funds would be used to add a 10-MW expansion to the geothermal plant.

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Source: Business World Online