Filipino listed firm PetroEnergy Resources Corporation (PERC) has successfully raised P600 million via stock rights offering (SRO), proceeds of which will be used to fund the company’s ongoing projects including the Maibarara geothermal power plant.
The financing would help towards the expansion of the 20 MW Maibarara geothermal power plant in Sto. Tomas, Batangas. In the pipeline is a 10 MW expansion of the geothermal 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.
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