September 10, 2011
Maibarara Geothermal, Inc. (MGI) operates the Maibarara Geothermal Power Project (MGPP) under a joint venture agreement with Trans-Asia Oil and Energy Development Corporation and PNOC Renewables Corporation (PNOC RC). MGI was formed with a capitalization of PhP 1.125 billion with the following shareholding interests: PetroGreen Energy Corporation (PGEC) – 65%, Trans-Asia Oil – 25%, and PNOC-RC – 10%. PGEC is a wholly-owned subsidiary of publicly-listed PetroEnergy Resources Corporation (PERC) . The Maibarara service contract was awarded by the Department of Energy (DOE) in February 2010 following an open and competitive selection process last October 2009.