PetroEnergy completes stock rights, to expand RE business

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The PetroEnergy Resources Corp. (PERC) has raised around P758.3 million, completing its stock rights to expand its renewable energy business.

The company disclosed that if offered 157.98 million shares to existing stockholders as of January 12, 2018, at the proportion one common share for every 2.6 common shares at P4.80 per rights share.

PERC plans to list these shares on February 2, subject to PSE approval.

The offer will be allotted to bankroll renewable energy projects and other general corporate purposes.

These projects include the 14-megawatt (MW) Nabas wind power project in Aklan; the 49-MW solar power plant in Tarlac; and a 10-MW solar hybrid power project in Puerto Princesa.

PERC is also allotting P1.6 billion for a 14-MW expansion of its Nabas Wind farm in Aklan.

It is also spending P2.4 billion for the 49-MW Tarlac-2 solar power project where off-take proposals have been offered to potential distribution utilities in Tarlac. The offer is lower than the last feed-in-tariff (FIT) rate of P8.69 per kilowatt hour (kwh) making it competitive with conventional power sources.

PERC will allot P855 million for the hybrid solar project in Puerto Princesa, Palawan which is targeted for commercial operations within the first quarter of the year.

These projects will push the company to nearly double its capacity in the next two years, PERC vice president Francisco Delfin said.

The company currently has around 100 MW capacity coming from various renewable energy projects.

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