PHINMA Energy Corporation
PHINMA Energy Corporation (PHINMA Energy), a respected player in oil and gas exploration, is now a fully diversified enterprise engaged in power generation by itself and through South Luzon Thermal Energy Corporation, Trans-Asia Power Generation Corporation, and CIP II Power Corporation. It is also involved in renewable energy development via Trans-Asia Renewable Energy Corporation and Maibarara Geothermal, Inc., as well as in electricity supply as a licensed Retail Electricity Supplier (RES) and a licensed Wholesale Aggregator (WA).
PHINMA Energy is poised to double its power capacity to 400 MW in the next few years upon completion of the following:
A new 135-MW clean coal power plant in Calaca, Batangas in partnership with the Ayala Group,
An integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Company, and
A 54-MW San Lorenzo wind farm in Guimaras Island.
Since 2007, PHINMA Energy has been actively trading electricity in the Wholesale Electricity Spot Market (WESM) and has continuously expanded its supply portfolio and customer base. Having anticipated retail competition and open access early on, PHINMA Energy is poised to provide custom electricity services to distribution utilities and qualified end-users.
Apart from power generation and supply, PHINMA Energy continues to maintain its presence in its original business of oil and gas exploration. It is a minority partner in SC 6, SC 14, SC 51, SC 55 and SC 69. It has an option to acquire participating interest in SC 52.
PHINMA believes that access to competitively priced electricity is critical in improving the lives of Filipinos, particularly those in far-flung locations. Hence, it continues to seek investment opportunities in electricity generation and supply to fully realize the company’s vision of delivering reliable power throughout the country.
Moving forward, PHINMA is firmly committed to energizing the nation by investing in environmentally responsible infrastructure projects that will support economic growth.
2012 Stock Rights Offer
Last November 14 to November 20, 2012, the Company successfully offered to existing shareholders one rights share for every two held. The offer of 1,627,253,238 shares, which includes an Overallotment Option, was oversubscribed with shareholders applying for shares beyond their entitlement. Maybank ATR Kim Eng Capital Partners, Inc. acted as sole financial advisor and underwriter for the offer.
Chairman Oscar J. Hilado rang the opening bell at the Philippine Stock Exchange last November 27, 2012, marking the start of trading of the Company’s newly issued rights offer shares.
The proceeds of Php1.627B will be used to partially finance the Company’s equity investment in a 54 megawatt wind project in San Lorenzo, Guimaras; the planned second 135 megawatt unit of the Company’s SLTEC coal-fired power plant in Calaca, Batangas; and other possible power project opportunities, including the privatization of PSALM and NAPOCOR assets.