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Philippines: PERC to invest $64m at Mt. Makilling project

Maibarara geothermal field at Mount Makiling, Philippines
Alexander Richter 15 Dec 2010

Petroenergy Resources Corp. (PERC) plans an investment of US$64m for a geothermal power plant project at Mt. Makiling, Philippines.

News from the Philippines report that “Petroenergy Resources Corp. (PERC) is investing P2.8 billion (US$64m) for a geothermal plant on Mt. Makiling.

The Board of Investments (BOI) has approved the registration of the project which involves the construction and operation of the 20-megawatt Maibarara power plant in the Makiling geothermal zone in Sto. Tomas, Batangas and Calamba, Laguna.

PERC has been registered as a new renewable energy developer under the Renewable Energy Act of 2008

This is PERC’s third renewable energy project registered with the BOI. The others are wind energy projects in Sual, Pangasinan (30 MW) and Nabas, Aklan (30 MW).

Documents obtained from the BOI said the generated electricity will be delivered to PERC’s client via the transmission system of National Grid Corp. of the Philippines (NGCP).

The company sees its selling rate at P5 per kilowatt-hour in the first year of operation upon approval by the Energy Regulatory Commission.

The project cost of P 2.8 billion covers pre-operating cost, site preparation, and acquisition and installation of equipment. Forty percent of the funding will come from equity.

The project will create 82 jobs once it starts commercial operations in October 2013.

PERC said Maibarara is ideally situated in high power demand urban centers and industrial zones of Metro Manila and the Southern Tagalog.

PERC was organized in 1994 as Petrotech Consultants Inc., a wholly-owned subsidiary of Petrofields Corp. which provides specialized technical services to companies exploring for oil in the Philippines.

After a corporate restructuring in 1999, Petrofields transferred to PERC (then Petrotech) all its assets, including cash, properties and oil exploration contracts, through an asset-for-share arrangement. PERC was listed on the Philippine Stock Exchange in 2004.”

Source: Malaya Business Insight