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THE Department of Energy (DoE) has granted the one-year extension of Aragorn Power and Energy Corp.’s (APEC)geothermal renewable energy service contract (GRESC).

Aragorn’s parent company APC Group told the stock exchange on Wednesday that it received the agency’s  approval letter yesterday.

“In its letter, the DoE noted that APEC has substantially performed its work commitments and approved the GRESC contract extension until 24 Sept. 2018,” the firm said in the statement.

Aragorn operates the $300-million geothermal power plant in Kalinga and Apayao in partnership with Chevron Corp.

The APC Group’s investments focus on energy and mining businesses. The firm is 46.59% owned by another publicly listed company, Belle Corporation.

Shares of APC rose 1.82% on Wednesday to close at P0.56.

Reference:

Lim, J. C. (October 11, 2017). DoE approves geothermal service deal extension. Business World. Retrieved from http://bworldonline.com/doe-approves-geothermal-service-deal-extension/

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