Trans-Asia Oil and Energy Development Corp. said it has invested more than P2 billion to beef up its energy portfolio, which ranges from wind power to coal and geothermal assets and to oil exploration.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Trans-Asia said it spent P1 billion for its clean energy platform, specifically for the development of its 54-megawatt (MW) wind energy project in San Lorenzo, Guimaras in Iloilo and the second 135-MW unit of a clean coal-fired power plant in Calaca, Batangas.
Part of the fund was also used for other power project opportunities and possible investments in the privatization of assets of the National Power Corp. (NPC) and Power Sector Assets and Liabilities Management Corp. (PSALM), it said.
The P1 billion investment was disbursed from November 14, 2012 to March 31, 2015, and came from the P1.62 billion gross proceeds of its stock rights offering in 2012.
Trans-Asia said it also spent P1.04 billion for its coal power projects and P105 million for Maibarara Geothermal, Inc., which was funded from P1.16 billion gross proceeds of a stock rights offer in 2011.
It also utilized P41.6 million for the expansion of a 21-MW bunker-fired power plant in Calamba, Laguna operated by its wholly owned CIP II Power Corp. (CIPP) from November 28, 2007 to March 31, 2015.
The expansion is intended to meet the expected growth in electricity demand driven by the increase in the number and size of locators in the economic zone, Trans-Asia said.
CIPP supplies power to 44 industrial users in the Carmelray Industrial Park II Special Economic Zone in Laguna.
Trans-Asia has likewise re-allocated P4.8 million — the fund that it originally allotted for its petroleum and mineral exploration projects — to its renewable energy (RE) projects
The company is a co-contractor in petroleum service contracts (SC) 51 and 55, which are in the exploratory stages.
SC 51 covers two separate exploration blocks in the Cebu Strait, Camotes Sea and onshore Northwest Leyte in Eastern Visayas with an aggregate area of 444,000 hectares, while SC 55 covers a 900,000-hectare deepwater area in offshore West Palawan.
Since 2007, Trans-Asia has been actively trading electricity in the Wholesale Electricity Spot Market (WESM) and has continuously expanded its supply portfolio and customer base.
Having anticipated retail competition and open access early on, TA Oil is poised to provide custom electricity services to distribution utilities and qualified end-users.
Trans-Asia is an integrated power solutions company of the PHINMA group and is engaged in power generation and electricity supply, wind energy development and energy resource development. It provides reliable and sustainably energy to its customers and host communities.
Apart from power generation and supply, Trans-Asia maintains its presence in its original business of oil and gas exploration. It is a minority partner in SC 6, SC 14, SC 51, SC 55 and SC 69 and has an option to acquire a participating interest in SC 52.