Trans-Asia Oil and Energy Development Corp. under Philippine Investment Management Inc. (Phinma) has released P80 million for the 54-megawatt (MW) wind energy project in Guimaras, in addition to the P116 million it earlier released.
In a disclosure to the Philippine Stock Exchange, Trans-Asia said that it “disbursed” the sum from the fund raised from its stock rights offering conducted in November last year, which totaled P1.64 billion.
“[The company] shall use the funds for expenses in relation to its investment in a 54-MW wind energy project in San Lorenzo, Guimaras,” Trans-Asia said.
According to Trans-Asia records, the 10-MW will come from Barangay M. Chavez and the other 44-MW from Barangays Suclaran and Cabano. The total project cost is P1.5 billion.
Each of the wind turbines would generate 2 MW, and is about 64 meters high with 76-meter diameter rotor blades.
Trans-Asia targets to start operating the wind farm by the first quarter of next year.