Maibarara Geothermal, Inc. (MGI) operates the Maibarara Geothermal Power Project (MGPP) under a joint venture agreement with Trans-Asia Oil and Energy Development Corporation (Trans-Asia) and PNOC Renewables Corporation (PNOC RC). MGI was formed with a capitalization of PhP 1.125 billion with the following shareholding interests: PetroGreen Energy Corporation (PGEC) – 65%, Trans-Asia – 25%, and PNOC-RC – 10%. PGEC is a wholly-owned subsidiary of publicly-listed PetroEnergy Resources Corporation (PERC). The Maibarara service contract was awarded by the Department of Energy (DOE) in February 2010 following an open and competitive selection process last October 2009.
Sector: Oil & Energy