“We intend to do the SRO by the first quarter of next year,” Arlan P. Profeta, PetroEnergy’s head of Corporate and Legal Affairs, said in a mobile phone message reply when asked for details.
The exact amount and other details of the planned SRO will be disclosed at a later date, said Mr. Profeta.
Mr. Profeta said the decision to both conduct an SRO and increase the capital stock were “brought about by the need for funding in order for the company to finance its share” in various projects including additional capacity for the 20 MW Maibarara geothermal power plant.
The company -- through PetroGreen Energy Corp. (PGEC) -- has a 65% interest in Maibarara Geothermal, Inc., the owner and operator of the 20 MW geothermal plant in Sto. Tomas, Batangas. In the pipeline is a 10 MW expansion of the geothermal plant.
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