PHINMA Energy joined forces with Ayala Corporation, through its energy arm, AC Energy Holdings Corporation, to form South Luzon Thermal Energy Corporation (SLTEC). The strategic partnership aims to supplement the nation’s growing demand for power, ably augmenting PHINMA Energy’s power generation capacity. SLTEC, organized in July 2011, is 45% owned by PHINMA Energy, 35% owned by AC Energy Holdings, and 20% owned by Axia Power Holdings Philippines Corp., a subsidiary of the Marubeni Group of Japan. SLTEC is a 2 x 135 MW clean coal technology power plant in a 14-hectare land inside Phoenix Petro terminal and Industrial Park in Calaca, Batangas.
PetroGreen Resources Corporation
PHINMA Energy’s first venture into geothermal exploration and development achieved a milestone when the Department of Energy issued a Confirmation of Commerciality to the Maibarara integrated steamfield-power project in Batangas.
Maibarara Geothermal, Inc. (MGI) is a joint venture between PHINMA Energy (25% equity), PetroGreen Resources Corporation (65%), a wholly-owned subsidiary of PetroEnergy Resources Corporation of the Yuchengco Group, and state-owned PNOC Renewables Corporation (10%). It signed a PhP2.4 billion loan agreement to fund steamfield development and construction of a 20-MW geothermal power plant. The plant started its commercial operations on February 8, 2014.
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