Maibarara signs transmission deal with NGCP

MANILA, Philippines - Maibarara Geothermal Inc. (MGI) has entered into a connection and transmission service agreement with the National Grid Corp. of the Philippines (NGCP) for its proposed 20-megawatt (MW) geothermal power plant in Laguna’s Mt. Makiling.

MGI is a joint venture among PetroEnergy, PNOC Renewables Corp. and Trans-Asia Oil and Energy Development Corp., the energy development arm of the Phinma Group.

The Department of Energy has hailed the project as a successful Public-Private Partnership (PPP) initiative and lauded MGI for its commitment.

Recently, Trans-Asia entered into a power supply agreement with Holcim Philippines Inc. for the electricity requirements of Holcim’s cement plants in Norzagaray, Bulacan and Bacnotan, La Union for 15 years starting on Dec. 26, 2013.

Trans-Asia, through its affiliate Trans-Asia Power Generation Corp., provides Holcim’s electricity requirements in Bulacan through a 52-MW diesel plant.

Trans-Asia is also pursuing wind energy projects with potential capacity of 350 MW, which will make it one of the largest wind developers in the country once these are developed.

Recently, it reported a net income of P136.35 million in the first six months of 2011, a significant turnaround from a net loss of P113.9 million in the same period last year.

While, revenues was slightly lower at P469.17 million from P496.31 million in the same period last year, net trading revenues from the Wholesale Electricity Spot Market (WESM) reached P63.5 million for the period compared to a net trading loss of P106 million in 2010.

Net income for the second quarter alone reached of P89 million from a net loss of P74.26 million in the same period last year.

Trans-Asia is planning to construct a 135-MW circulating fluidized bed thermal power plant in Calaca, Batangas.  The company signed a joint venture agreement with AC Energy Holdings Inc. (formerly Michigan Power Inc.), a unit of Ayala Corp., for the construction of the coal plant.

Both parties agreed to incorporate a joint venture company that will be jointly owned by Trans-Asia and AC Energy.