Yuchengco family to raise P1B for PetroEnergy
PetroEnergy Resources Corp. (PERC) of the Yuchengco family is planning to raise P1 billion via a stocks right offering to bankroll its renewable energy projects in its pipeline.
It said the offer price and other details of the offer would be announced as soon as determined.
Proceeds from the capital raising activity will be used to partly finance renewable energy projects and for general corporate purposes.
The company has lined up four projects with a total project cost of P6.7 billion in the next two years. These are the 12-megawatt (MW) Maibarara geothermal-power project expansion in Batangas; 5-10 MW hybrid solar power project in Puerto Princesa, Palawan; 14-MW expansion of the Nabas wind farm in Aklan; and 49-MW Tarlac-2 solar-power project.