By Juzel L. Danganan
MANILA, June 11 (PNA) – Petroenergy Resources Corporation has sold 10 percent in PetroGreen Energy Corporation to EEI Power Corporation for Php 206 million, according to a disclosure from the Philippine Stock Exchange (PSE).
”Petroenergy Resources Corporation sold its 10 percent interest in PetroGreen Energy Corporation to EEI Power Corporation,” it said Thursday.
It has disposed 112,276,868 shares with a selling price of Php 1.835, which reduces Petroenergy’s stake in the company at 90 percent.
EEI Power Corporation is a subsidiary of listed EEI Corporation.
Petroenergy’s Board of Directors has approved the sale on November 19, 2014, to raise more funds for its other renewable energy projects.
Currently, PetroGreen has led and completed two projects, namely the 36 Megawatt (MW) Nabas Wind Farm and the 20 MW Maibarara Geothermal Power Plant, along with other partners.
The firm is also developing a 10-50 MW solar farm in a 480 hectare lot near Hacienda Luisita in Tarlac.
EEI Power Corp. has been Petroenergy Resources’ partner in constructing the Nabas Wind Farm, with a 20 percent stake in the project.
Aside from developing renewable energy projects, Petroenergy is also into in oil and gas exploration. (PNA)