MANILA, Philippines - Listed firm PetroEnergy Resources Corp. will create a new subsidiary which will undertake its renewable energy projects.

In a disclosure to the Philippine Stock Exchange, PetroEnergy said the wholly owned unit will have a capitalization of P200 million.

PetroEnergy's board, meanwhile, approved the conduct of a stock rights offering to raise fresh funds for the company's projects.

"The details of the offer and the amount of funds to be raised shall be announced as soon as possible," the company said.

PetroEnergy has appointed RCBC Capital Corp. as underwriter for the rights offer.

Earlier, the company said it is planning to put 2 wind projects in Aklan and Pangasinan with total capacity of 60 megawatts at a cost of $53 million.

The 30 MW wind plant will be located in Nabas-Buruanga-Malay in Aklan while the other 30 MW wind project will be located in Sual, Pangasinan.

PetroEnergy is investing in renewable energy projects as part of its diversification from the oil and gas industry.