The Aragorn Power and Energy Corp. (APEC) was granted a one-year extension by the Department of Energy (DOE) for its geothermal renewable energy service contract (GRESC)

In a disclosure to the Philippine Stock Exchange, the APC Group Inc. said that their energy company received the approval letter from the energy department on Wednesday.

“The DOE noted that APEC has substantially performed its work commitments and approved the GRESC contract extension until 24 Sep 2018,” the disclosure read.

The energy company is currently operating the geothermal power plant located in Kalinga and Payao worth $300 million in partnership with Chevron Corp.

APC Group Inc. is a listed company that concentrates on energy exploration and development as well as mining activities.