Trans-Asia Oil secures P2.5-B financing

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the power generation arm of the Phinma Group, has entered into several agreements with private banks for its funding needs.

In a disclosure to the Philippine Stock Exchange (PSE) Trans-Asia said it has executed a P1-billion five-year term loan agreement with Security Bank Corp. and a P1.5 billion 10-year corporate note facility with China Banking Corp.

“Proceeds of the loans will be used to fund the company’s projects and working capital,” Trans-Asia said.

The company did not specify planned projects in the pipeline but these are part of plans to double its power capacity to 400 megawatts in the next few years.

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 (RES) and a licensed wholesale aggregator (WA).

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.