MGI is 65-percent owned by PetroGreen Energy Corp., a 100-percent subsidiary of publicly listed PetroEnergy Resources Corp., while Trans-Asia Oil & Energy Development Corp. and PNOC-Renewables Corp. each own 25 percent of the company.
The power plant is expected to be ready for initial tests by the first week of July and for full commissioning tests by September. Commercial operation is expected to start by late 2013.
Renewable Energy Management (REMB) Bureau Director Mario C. Marasigan said the operation of the project’s first 20 MWe unit is expected to reduce greenhouse-gas emissions between 71,000 and 76,000 tons of carbon dioxide equivalent per year, thus contributing to the global efforts of mitigating man-induced global warming and climate change.
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