The board of PetroEnergy Resources Corp. approved the reallocation of P160 million from the proceeds of its stock rights offering to fund additional investments in the second phase of the Tarlac solar power project in Central Technopark, Tarlac City.
“Pursuant to this, PERC will reallocate P160 million of the remaining SRO proceeds for additional investments in the 20-megawatt Phase 2 of the Tarlac solar power project. This amount will be taken from the current allocations for the 14-MW Phase 2 of the Nabas wind power project and the 10- to 20-MW Puerto Princesa solar power project,” PetroEnergy said in a disclosure to the Philippine Stock Exchange.
The PetroEnergy management earlier reported that the 20-MW Tarlac solar power project 2 would be funded by 50-percent equity and 50-percent loans.
“However, on account of the prevailing high interest rates, management opted to fund the project solely through shareholder contributions and through internally generated funds,” the company said.