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PetroEnergy gets BOI perks for geothermal power project

December 21, 2010

MANILA, Philippines –  PetroEnergy Resourcs Corp. (PERC) has received the package of tax incentives from the Board of Investments as a new renewable energy developer, the company said in a statement.

In particular, the company said it was given perks for its proposed 20-megawatt Maibarara geothermal power project under Republic Act 9513 or the Renewable Energy Act of 2008.

The Maibaba power plant is an integral steamfield and power plant development to be undertaken by Maibaba Geothermal Inc., a joint venture 65 percent owned by PERC’s wholly-owned subsidiary, PetroGreen Energy Corp., and 25 percent and 10 percent owned by Trans-Asia Oil and Energy Development Corp. and PNOC-Renewable Energy Development Corp., respectively.

Earlier, the publicly-listed firm said it would pursue the geothermal power project after securing an environmental compliance certificate from the Department of Environment and Natural Resources (DENR).

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