Trans-Asia to invest more in renewable energy

Trans-Asia Oil and Energy Development Corp. (TA Oil) will start pouring in investments to its renewable energy arm in line with plans to diversify into cleaner energy production. The company said it plans to inject about Php40 million (US$836,708) to Php50 million per year (US$1.05 million)in its wholly-owned renewable energy arm Trans-Asia Renewable Energy Corp. (TAREC). The amount will cover the development and operating budget of TAREC as parent company TA Oil plans to channel more funds to renewable energy projects At present, TA Oil has over Php300 million (US$6.27 million) in additional capital generated from a rights offering that was initially intended to raise funds for the expansion of one of its bunker plants that provide power to an industrial park in Laguna province. (April 3, 2009)