PetroEnergy to boost stake in PetroWind to 90%

PetroEnergy Resources Corp. (PERC) is set to significantly increase its economic interest in PetroWind Energy Inc. (PWEI) after signing a deal to acquire the remaining noncontrolling stake held by a foreign partner, further consolidating its position in the renewable energy sector.

In a disclosure to the Securities and Exchange Commission on Thursday, PERC said it had entered into a share purchase agreement (SPA) on Dec. 18 with BCPG Wind Cooperatief UA (BCPG) for the acquisition of BCPG’s entire 40-percent equity interest in PWEI.

PERC currently holds a 20-percent direct stake in PWEI, while its 75-percent-owned subsidiary, PetroGreen Energy Corp. (PGEC), owns another 40 percent. This structure gives PERC an effective 50-percent ownership interest in the wind power company.

Once the transaction is completed, PERC’s effective ownership in PWEI will rise to 90 percent. This will be composed of a 60-percent direct stake and an additional 30 percent held indirectly through PGEC, according to the company.

PERC said the transaction represents the acquisition of the remaining noncontrolling interest in PWEI and will not result in any change in control or affect the company’s consolidation status.

The listed energy firm said the move aligns with its broader strategy to simplify its ownership structure while increasing its direct economic participation across its renewable energy portfolio.

By raising its direct stake, PERC stands to gain greater exposure to the cash flows and performance of its wind power assets.

The SPA remains subject to customary closing conditions, including the fulfillment of conditions precedent and the securing of required regulatory approvals.

PERC said it would issue the necessary disclosures once the transaction is completed or if there are material developments related to the acquisition.

PERC is part of the Yuchengco Group of Companies and has been expanding its footprint in renewable energy projects, including wind, solar and geothermal assets, as the Philippines pushes to increase the share of clean energy in its power mix.