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MANILA - Trans-Asia Oil and Energy Development Corp. has dropped plans to develop a waste-to-heat power plant in the country.
In a disclosure to the Philippine Stock Exchange, Trans-Asia said it was terminating within 45 days its memorandum of agreement with Geopower Energy Ltd. of Australia and Thor Energy Ph. Inc.
The deal inked by the parties in July 2011 involved possible joint ventures in waste-heat power projects.
The Philippine company decided to junk the agreement as "we had reordered our priorities," said Francisco L. Viray, Trans-Asia president, without elaborating further.
The proposed waste-heat facilities can generate electricity by using excess heat produced by large diesel generators, cement plants, glass plants, smelters, natural gas compression stations, among others.
The technology produces no emissions by using temperature differences from existing industrial facilities to manipulate chemicals in order to run turbines that generate electricity.
Trans-Asia is a unit of the Phinma Group. The company earlier tied up with Ayala Corp.'s wholly-owned subsidiary, AC Energy Holdings Inc. for the construction and operation of a coal plant in Batangas.
Trans-Asia is also pursuing wind energy projects with potential capacity of 350 megawatts, which will make it one of the largest wind developers in the country today.
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