New firm to build P2.8-billion steamfield facility in Laguna
MANILA, Philippines - The Securities and Exchange Commission has approved the incorporation of Maibarara Geothermal Inc. (MGI), which will build an integrated steamfield and power plant estimated to cost around P2.8 billion.
The new company, capitalized at P1.125 billion, is 65 percent owned by PetroGreen Energy Resources Corp., 25 percent by Phinma unit Trans-Asia Oil & Energy Development Corp., and 10 percent by state-run PNOC Renewables Corp.
MGI aims to develop the Maibarara steamfield in Calamba, Laguna and Sto. Tomas, Batangas and commission the first 20-megawatt power plant by the second half of 2013.
The Maibarara geothermal energy service contract was awarded by the Department of Energy to PetroEnergy Resources Corp., the parent company of PetroGreen. PetroEnergy will assign the contract to MGI, subject to the Energy Department’s approval.
The Maibarara project in Mt. Makiling is the first among the nine geothermal service contracts awarded last year to obtain an environmental clearance certificate (ECC) for the entire scope of project development.
- Latest
- Trending
