Trans-Asia Oil and Energy Development Corp. of the Phinma group said it disbursed over P116 million Thursday to fund a 54 megawatt (MW) wind energy project in Guimaras province.
In a disclosure to the Philippine Stock Exchange, Trans-Asia said the amount came from the proceeds of its 2012 stock rights offering (SRO), from which gross proceeds reached P1.25 billion.
“The equity investment in a 54 MW wind farm in San Lorenzo, Guimaras is in accordance with the 2012 SRO’s use of proceeds as disclosed in the prospectus dated Oct. 30, 2012,” company vice president Mariejo P. Bautista said in the report.
Earlier, the Department of Energy (DOE) confirmed the declaration of commerciality of Trans-Asia’s wind project in Guimaras under Wind Energy Service Contract (WESC) No. 2009-10-009.
Trans-Asia Renewable Energy Corp., a wholly owned subsidiary of Trans-Asia, is undertaking the project.
“The DOE confirmation affirmed the conversion of said WESC from pre-development to development/commercial stage and a full term of 25 years or until Oct. 22, 2034,” said Trans-Asia senior vice present Raymundo A. Reyes Jr. in a disclosure last May 20.
In April, Trans-Asia said it used P145 million from the SRO to fund its initial investment in the second unit of South Luzon Thermal Energy Corp.’s (SLTEC) clean coal-fired power plant in Calaca, Batangas.
For the first quarter of 2013, Trans-Asia reported P431.7 million in consolidated revenue (more than double the P181.3 million reported in the same period in 2012) and net income of P164.9 million (more than thrice the P41.8 million in the same period in 2012).
Trans-Asia attributed the significant improvement in its financial performance to its robust power supply business as its net trading revenue grew to P293 million (more than double the P144 million in the corresponding period) on increased energy sales in kWh as well as lower power costs.