PetroEnergy to buy remaining stake in Aklan wind farm – BusinessWorld Online
YUCHENGCO-LED PetroEnergy Resources Corp. is acquiring the entire stake held by Thailand’s BCPG Public Co. Ltd. for P1.9 billion to take full control of the 49.2-megawatt (MW) Nabas wind farm in Aklan.
The move follows PetroEnergy’s signing of a share purchase agreement with BCPG unit BCPG Wind Cooperatief U.A. to acquire its 7.81 million common shares in PetroWind Energy, Inc., representing a 40% stake, the company said in a regulatory filing on Tuesday.
PetroEnergy and its subsidiary, PetroGreen Energy Corp., currently hold 20% and 40% direct ownership in PetroWind, respectively, giving PetroEnergy an effective 50% interest in the wind energy firm.
Upon closing, PetroEnergy’s effective ownership will rise to 90%, comprising 60% direct ownership and 30% indirect ownership through PetroGreen Energy Corp.
“The transaction represents the acquisition of the remaining non-controlling interest in [PetroWind] and will not result in a change in control or consolidation status,” the company said.
PetroEnergy said the move is part of its strategy to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio.
“This is expected to streamline decision-making for the Nabas Wind Power Project, optimize capital allocation, and potentially enhance long-term revenue and shareholder value,” it added.
The transaction will close upon clearance from the Philippine Competition Commission and other internal and regulatory approvals.
PetroWind’s Nabas wind projects are located in the municipalities of Nabas and Malay. Phase 1, with a capacity of 36 MW, began commercial operations in 2015, while the remaining 13.2 MW is under development. — Sheldeen Joy Talavera