Mirae Asia Energy Corp., a Korean-backed power firm, is raising its capitalization to $15 million in order to finance its 20-megawatt (MW) solar power project in Currimao, Ilocos Norte.
The project is estimated to cost $50 million, so the company should have capitalization of at least $15 million, Mirae vice president Lito A. Badua said on the sidelines of the Luzon Energy Investment Forum. “We need to bring in that money so that we will be able to borrow enough funds.”
The company, with present capitalization of about $1 million, is thus finalizing talks with investors to boost its capital. The Philippine project is, in fact, the largest solar project of the Korean principal.
Mirae has a certificate of commerciality from the Department of Energy and has secured an engineering, procurement, and construction contract. It has also obtained incentives from the Board of Investments.
He said that, since it secured the DOE certificate, several interested investors had been knocking on the company’s doors.
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