PetroEnergy taps Japanese partner for wind park
PetroEnergy Resources Corp. (PERC) is teaming up with a new investor, with Japanese financial services provider SMFL Mirai Partners Company Ltd. set to gain a 35-percent stake in its wind assets for P1.7 billion.
In a disclosure on Thursday, the Yuchengco-led PERC said its board of directors had approved the sale of 6.84 million common shares out of the outstanding capital stock of PetroWind Energy Inc. (PWEI).
To formalize the deal, both groups would still need to sign a term sheet, share purchase agreement and shareholders’ agreement.
“The closing of the proposed transaction will be subject to the execution of the definitive agreements, the satisfaction of conditions precedents and the receipt of the necessary corporate and regulatory approvals, including clearance from the Philippine Competition Commission, if required,” the firm said.
After closing the transaction, PERC will retain a 25-percent stake, while its subsidiary PetroGreen Energy Corp. will hold 40 percent.
Also, PERC got a hold of Thailand’s BCPG Public Co. Ltd in PWEI for P1.9 billion, representing a 40-percent stake.
PERC said earlier the move was meant to “simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio.”
PWEI is the owner and developer of a 49.2-megawatt wind park in Aklan. The first phase of the project went active in 2015, while expansion works for the project are ongoing.
It previously obtained a permit to connect the added capacity to the grid network. PWEI still needs to get a certificate of compliance from the Energy Regulatory Commission.
