Trans-Asia unit inks P4.3-B loan facility for wind project

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the power generation arm of the Phinma Group, through its subsidiary.

Trans-Asia Renewable Energy Corp. (TAREC), signed yesterday a P4.3-billion project financing facility with the Development Bank of the Philippines and Security Bank Corp.

The 15-year facility will be used to fund the construction and development of the 54-megawatt wind farm project in San Lorenzo, Guimaras, Trans-Asia said in a disclosure to the Philippine Stock Exchange (PSE).

The wind farm, which has an estimated cost of P6.3 billion, is expected to be in commercial operations within 16 months from the start of its engineering, procurement and construction works.

In September, Trans-Asia announced that it has put the wind farm project under TAREC, its renewable energy subsidiary.

Trans-Asia signed a deed of sale purchasing 100-percent interest in Trans-Asia Wind Power Corp. (TWPC) from TAREC as part of the restructuring of Trans-Asia’s renewable energy division.

Trans-Asia has various investments in the energy sector. The company has power generation businesses by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.

Trans-Asia is also involved in renewable energy development via Trans-Asia Renewable Energy Corp. and Maibarara Geothermal Inc. as well as in electricity supply as a licensed retail electricity supplier and a licensed wholesale aggregator.

The company said it is aiming to double its power capacity to 400 MW in the next few years upon completion of a new 135-MW clean coal power plant in Calaca, Batangas in partnership with the Ayala Group, an integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Co., and the 54-MW Guimaras wind farm.