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Business

SEC approves Tarec capital increase to P1B

- Zinnia B. Dela Peña -

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.

vuukle comment

ANDA AND GUINDULMAN

BATANGAS

BAUAN AND SAN LUIS

CALAMBA CITY

CALAUAG AND LOPEZ

CAMARINES NORTE

CARMELRAY INDUSTRIAL PARK

ENERGY DEVELOPMENT CORP

ILOILO

QUEZON

TAREC

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