By Juzel L. Danganan
MANILA, Feb. 13 (PNA) -– Trans-Asia Oil and Energy Development Corporation has surrendered its 10-megawatt (MW) Benguet Hydropower Service Contract (SC) with the Department of Energy (DOE).
”Please be informed that Trans-Asia surrendered to the Department of Energy the entire contract area covered by subject Hydropower Service Contract in Buguias, Benguet effective today,” Trans-Asia said in a disclosure with the Philippine Stock Exchange (PSE) Friday.
Trans-Asia President Francisco Viray said the Benguet project was found to be not feasible.
It was supposed to undergo a two-year pre-development stage to determine the commercial feasibility of the project.
The project was awarded on July 10, 2014 along with two other hydropower projects — the 300-MW SC in Pililia, Rizal and the 10-MW service contract in Ilagan, Isabela.
If the service contract was not surrendered early, Trans-Asia would have been forced to develop the 10-MW project or the DOE to revoke the contract.
Trans-Asia is engaged in power generation and minerals development.
Its subsidiaries are Trans-Asia Power Generation Corp., CIP II Power Corp., Trans-Asia Renewable Energy Corp., Trans-Asia Petroleum Corp., Trans-Asia Gold and Minerals Development Corp., Palawan 55 Exploration & Production Corp., South Luzon Thermal Energy Corp., ACTA Power Corp., Asia Coal Corp., Maibarara Geothermal Inc., and Trans-Asia Wind Power Corp. (PNA)