PETROENERGY Resources Corp. on Tuesday said its board of directors had approved the reallocation of the remaining proceeds from its stock rights offering to fund prospective renewable energy power projects.
Of the remaining proceeds, the company earmarked around P167.67 million for the pipeline projects, which are the second phase of its 20-megawatt-peak (MWp) Tarlac solar power project, 14-MW phase two of its Nabas wind power project, and the 10-20 MWp Puerto Princesa solar power project.
The three projects were allotted P37.54 million, P65.06 million, and P65.06 million, respectively.
“The reallocation will allow flexibility in funding multiple projects in the pipeline” including the Nabas and Puerto Princesa projects, the company said.
Last month, PetroEnergy cited a pipeline of solar and wind projects with a combined capacity of around 400 MW as part of its medium- to long-term plan.
The projects will be implemented through its renewable energy subsidiaries, namely: PetroGreen Energy Corp., PetroSolar Corp., “or other new subsidiaries that may be formed.”
PetroEnergy’s stock rights offering was undertaken on Jan. 22 to 26, 2018 for 157,975,512 common shares with gross proceeds of P758.28 million.
The rights offer entitled eligible stockholders as of record date of Jan. 12, 2018 to subscribe to one rights share for every 2.6 shares held at an offer price of P4.80 per share.
The proceeds from the offering were used for the development and expansion plans of the group’s renewable energy projects, general corporate requirements, and payments of loans and the related interest.
In the third quarter of 2021, PetroEnergy reported an attributable net income of P89 million, or more than double the P41.33 million registered in the same period the earlier year.
As of the third quarter of last year, its attributable net income reached P323.46 million, up 59.6% from P202.64 million in the same three quarters in 2020.
On Tuesday, PetroEnergy shares slipped P0.130 or 2.83% to close at P4.47 each.