Trans-Asia Oil and Energy Restructures for Wind Project
TRANS-ASIA Oil and Energy Development Corp. is restructuring its renewable energy (RE) business in a bid to fast-track development of its 54 MW wind power project in Guimaras, the company said in a disclosure yesterday.
Trans-Asia said it signed on Sept. 11 “a deed of sale purchasing 100% interest in Trans-Asia Wind Power Corp. (TAWPC) from Trans-Asia Renewable Energy Corp. (TAREC).”
“As part of a restructuring of the Trans-Asia’s renewable energy division, TAREC will now act as a project vehicle for the 54-MW wind farm project in San Lorenzo, Guimaras…” the disclosure read.
The company initially planned to carry out the wind project through TAWPC.
“The move was designed to accelerate construction of the San Lorenzo project, avoiding delays that may result from transfers of contracts and permits that were already secured in the name of TAREC,” Trans-Asia explained.
The project last May was declared commercially feasible by the Energy department, clearing the way for development.