PetroEnergy Resources Corp. (PERC), a member of the Yuchengco Group of Companies (YGC), said Tuesday it would reallocate the remaining proceeds of its 2018 stock rights offer (SRO) to partly finance some of its renewable energy (RE) projects.
In a disclosure to the stock exchange, PERC said the board approved the reallocation of the use of proceeds from its SRO for the funding of various prospective RE projects in the pipeline.
The amount to be reallocated is P167,669,788.00. This will go to the 20megawatt peak (MWp) Tarlac Solar Power Project Phase 2 (TSPP-2), 14MW Phase 2 of the Nabas Wind Power Project (NWPP-2), and the 10-20MWp Puerto Princesa Solar Power Project (PPSPP).
Of the reallocated amount, P37,542,464 will go to the 20MWp TSPP-2; P65,063,662 to the 14MW NWPP-2; and P65,063,662 to the PPSPP.
“The reallocation will allow flexibility in funding multiple projects in the pipeline, including the NWPP-2 and PPSPP,” it said.
PERC is engaged in petroleum exploration and production in Gabon, West Africa and RE development in the Philippines. PERC’s RE holding unit, PetroGreen Energy Corp. (PGEC), operates 5 power stations in the country through three operating companies—the 32MW Maibarara geothermal project by Maibarara Geothermal Inc., the 70MW Tarlac solar project by PetroSolar Corp., and the 36 MW Nabas-1 wind project by PetroWind Energy Inc.
PERC raised some P758.3 million from its SRO in January 2018. It offered 157.98 million shares to stockholders at a ratio of one share for every 2.6 shares owned at a price of P4.80 per rights share.
The company is targeting to put up a total of 300MW to 400MW of RE capacity in the next few years.