LISTED Trans-Asia Oil and Energy Development Corp. of the Phinma group on Monday announced it has allocated more funds from proceeds of its stock rights offering (SRO) in 2012 to finance the construction of its wind- farm project.
“Trans-Asia has disbursed the amount of P165,605,000 from the proceeds of its 2012 stock rights offering,” the company said in a disclosure to the exchange.
The funds will be used for expenses in relation to the company’s investment in the 54-megawatt (MW) wind-energy project currently under construction in San Lorenzo, Guimaras, by its subsidiary Trans-Asia Renewable Energy Corp.
“The investment in the 54-MW wind project is in accordance with the 2012 SRO’s Use of Proceeds as disclosed in the company’s prospectus dated October 30, 2012,” added the company.
The Department of Energy (DOE) earlier confirmed the declaration of commerciality of Trans-Asia’s wind project in Guimaras under Wind Energy Service Contract (WESC) 2009-10-009.
“The DOE confirmation affirmed the conversion of said WESC from predevelopment to development/commercial stage and a full term of 25 years or until October 22, 2034,” said Trans-Asia Senior Vice President Raymundo A. Reyes Jr.
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