MANILA, Philippines – Trans-Asia Renewable Energy (Tarec), a member of the Phinma Group of Companies, is raising its capitalization to P1 billion from P100 million.
Documents filed with the Securities and Exchange Commission show that P225 million out of the P900 million capital increase had been subscribed and paid for by Trans-Asia Oil & Energy Development Corp.
Tarec, which is expected to become the country’s biggest wind energy resource producer, currently holds 20 service contracts for wind power projects. It earlier said it might need to shell out more than $860 million in 20 power projects with a combined capacity of 400 megawatts.
These contracts also covered a total 20,736 hectares of property.
Tarec is aiming to generate 26 MW in Paracale and Vinzons in Camarines Norte; nine MW in Silang, Cavite; nine MW in Bauan and San Luis, Batangas; 19 MW in Calatagan, Batangas; 10 MW in Infanta, Quezon; nine MW in Calauag and Lopez, Quezon; 10 MW in Calauag, Quezon; nine MW in San Joaquin, Iloilo; 10 MW in Dumangas, Iloilo, and 12 MW in Anda and Guindulman, Bohol.
Trans-Asia is aggressively seeking opportunities in the energy sector as it aims to help build the nation’s economy through self-reliance in energy. The company owns a 3.2-MW power plant which supplies power in the island of Guimaras in the Visayas.
Recently, Trans Asia acquired a new company: CIP II Power Corp., which owns a power plant and distribution facilities located at Carmelray Industrial Park II, Calamba City, Laguna. The 21-MW power plant supplies more than 50 companies and factories located inside the industrial park.