PetroEnergy gets tax incentives for Philippine renewable project

PetroEnergy Resources Corp. received a tax incentive package for its proposed 20-megawatt Maibarara geothermal power project.

The company stated that it is getting the tax incentive from the Board of Investments as a new renewable energy developer.

The Maibaba power plant is an integral steamfield and power plant development to be undertaken by Maibaba Geothermal Inc., a joint venture 65 percent owned by PERC’s wholly-owned subsidiary, PetroGreen Energy Corp.,

The company said it would develop Maibarara, located in Calamba, Laguna and Sto. Tomas, Batangas, and intends to commission the first 20 MW integrated steamfield and power plant by late 2013.