Petro Energy Resources Corp. (PERC) has reallocated P168.67 million from the proceeds of its stock rights offering last 2018 to “various prospective renewable energy power projects in the pipeline.”
In a disclosure to the Philippine Stock Exchange, PERC said the amount was originally intended to be used in two solar power projects and a wind power facility.
Of the P168.67 million, P37.54 million came from proceeds originally allotted to the 20 megawatts (MW) second phase of the Tarlac solar power, P65.06 million from the 14 MW second phase of the Nabas wind power project in Aklan, and another P65.06 million from the 10 to 20 MW Puerto Princesa solar power project.
Earlier, PERC announced that for the short to medium term, it will focus on expanding solar projects for about 300 to 400 MW in the next three to four years in which a geothermal expansion may also be included.
For the long term, PERC mentioned its interest to pursue offshore wind projects.
