SEC approves Tarec capital increase to P1B

MANILA, Philippines –  The Securities and Exchange Commission has approved the increase in capitalization of Trans-Asia Renewable Energy (Tarec) from P100 million to P1 billion.

Of the P900 million hike in authorized capital stock, P225 million had been subscribed and paid for by Trans-Asia Oil & Energy Development Corp.

Tarec, a member of the Phinma Group of Companies, holds 20 service contracts for wind power projects. It earlier said it might need to shell out more than $860 million in 20 power projects with a combined capacity of 400 megawatts. These contracts cover a total of 20,736 hectares.

Tarec is aiming to generate 26 megawatts (MW) in Paracale and Vinzons in Camarines Norte; nine (MW) in Silang, Cavite; nine (MW) in Bauan and San Luis, Batangas; 19 MW in Calatagan, Batangas; 10 MW in Infanta, Quezon; nine (MW) in Calauag and Lopez, Quezon; 10 MW in Calauag, Quezon; nine (MW) in San Joaquin, Iloilo; 10 MW in Dumangas, Iloilo, and 12 MW in Anda and Guindulman, Bohol.

The Trans-Asia Group is aggressively seeking opportunities in the energy sector as it aims to build the nation’s economy through self-reliance in energy. The company owns a 3.2-MW power plant which supplies power in the island of Guimaras in the Visayas.

Recently, Trans Asia acquired a new company: CIP II Power Corp., which owns a power plant and distribution facilities located at Carmelray Industrial Park II, Calamba City, Laguna. The 21-MW power plant supplies to the more than 50 companies and factories located inside the industrial park.