PETROENERGY SELLS ITS 10% INTEREST IN PETROGREEN ENERGY CORPORATION
PetroEnergy Resources Corporation (PetroEnergy) sold its 10% interest in PetroGreen Energy Corporation (PGEC) to EEI Power Corporation (EEIPC), a subsidiary of publicly listed EEI Corporation, thereby reducing PetroEnergy’s interest in PGEC to 90%.
PGEC has major investments in renewable energy projects in the Philippines. It has a 65% interest in the now commercially operating 20 MW Maibarara Geothermal Plant in Sto. Tomas, Batangas, and a 40% interest in the 36 MW Nabas Wind Power Project in Nabas and Malay, Aklan, which is about to reach commercial operations. PGEC has also been recently awarded by the Department of Energy a solar service contract covering about 480 hectares in Tarlac City.
PetroEnergy President Milagros Reyes said that “the decision to sell a 10% equity interest in PGEC was prompted by PetroEnergy’s need to raise additional funds to finance its renewable energy projects while still maintaining a controlling interest in PGEC.”