Trans-Asia earmarks funds for wind farm
The company said that it disbursed last Wednesday a total of P50 million from proceeds of its SRO in November last year through which the company raised P1.627 billion. The latest amount adds to the P649.83 million released last year to fund the same project.
“The corporation shall use the funds for expenses in relation to its investment in a 54-MW wind energy project in San Lorenzo, Guimaras…” the disclosure read.
Trans-Asia last month also secured a P4.3-billion loan from Development Bank of the Philippines and Security Bank Corp. to help fund the wind project.
According to the company’s 2012 annual report, the project is estimated to cost around P6.3 billion, 70% of which will be financed through debt and the balance through equity.
The report also noted that construction of the wind farm will involve installation of 27 wind turbines with installed capacity of 2 MW each.
Trans-Asia engages in oil and gas exploration and development, as well as power generation. It owns and operates 20-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp. It also holds a 25% stake in Maibarara Geothermal, Inc. which is building a 20-MW geothermal power plant in Sto. Tomas, Batangas. Through South Luzon Thermal Energy Corp., which is 50%-owned by Trans-Asia, the parent is also building a 270-MW MW coal-fired power plant in Calaca, Batangas