TRANS-ASIA Oil and Energy Development Corp., the power arm of the Phinma Group, is raising a combined P2.5 billion from Security Bank Corp. and China Banking Corp. (CBC) to finance projects and for working capital.
It said in a regulatory filing Friday to the Philippine Stock Exchange that it has finalized terms for a P1 billion five-year loan from Security Bank and for a P1.5 billion 10-year corporate note facility with CBC.
“Proceeds of the loans will be used to fund the company’s projects and working capital,” Trans-Asia said, without specifying the projects that will be financed.
Trans-Asia is now putting up wind power projects, putting it in a position to become one of the major players in this sector.
Late last year, a Trans-Asia subsidiary took out a combined P4.3 billion loan from the Security Bank and Development Bank of the Philippines. It allocated the loan proceeds for the establishment of a 54-megawatt wind farm project in San Lorenzo, Guimaras.
Besides putting up wind power plants in Guimaras, Trans-Asia also has service contracts to develop more wind farm projects across the country.