Petroenergy gets COC for 20-MW geothermal scheme in Philippines
Oct 11, 2013 - The Philippine Energy Regulatory Commission (ERC) has awarded a certificate of compliance (COC) for a 20-MW geothermal plant in the Philippines, being built by local energy firm Petroenergy Resources Corp (PSE:PERC).
The company said on Thursday the certificate had been awarded to Maibarara Geothermal Inc -- a joint venture that is 65%-owned by its unit PetroGreen Energy Corp. Trans-Asia Oil & Energy Development Corp (PSE:TA) and PNOC Renewables Corp, part of state-owned Philippine National Oil Co, hold a 25% and a 10% stake in the entity, respectively.
The COC approval allows the company to start commercial operations at the 20-MW geothermal facility. Construction works on the project were initiated in April 2012. The system is planned to be put on stream in the last quarter of 2013.
The project is financed through a PHP 2.4 billion (USD 56m/EUR 41m) loan from Rizal Commercial Banking Corp and Bank of the Philippine Islands, which was obtained in 2011.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.