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Saturday, April 12, 2014

TransAsia borrows P2.5 billion from Security Bank, China Bank

MANILA - Trans Asia Oil and Energy Development Corporation has tapped local banks to fund the company's power projects.

In a disclosure to the Philippine Stock Exchange, TransAsia said it inked a P1-billion five-year term loan agreement with Security Bank Corporation.

TransAsia likewise inked a P1.5 billion 10-year corporate note facility with China Banking Corporation. The energy company said the proceeds of the loans would be used to fund its projects and provide working capital.

The power generation arm of the Phinma Group, TransAsia is developing a 54-megawatt (MW) wind farm in Guimaras, as well as a 135-MW coal and 415-MW combined cycle gas turbine plant in Batangas.

TransAsia earlier signed an agreement with Basic Energy Corporation for the joint exploration and development of four of the latter's geothermal concessions.

Source: Interaksyon

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