Yuchengco-led PetroEnergy Resources Corp. (PERC) said Friday it entered into a share purchase agreement with BCPG Wind Cooperatief U.A. to acquire BCPG’s 40 percent equity interest in PetroWind Energy Inc. (PWEI).
PERC and its 75 percent-owned subsidiary, PetroGreen Energy Corp. (PGEC), currently hold 20 percent and 40 percent direct ownership in PWEI, respectively. This gives PERC an effective 50 percent ownership interest in the wind energy firm.
In a disclosure to the Philippine Stock Exchange, PERC said that upon completion of the transaction, its effective ownership interest in PWEI will increase to 90 percent. This will consist of 60 percent direct ownership and 30 percent indirect ownership through PGEC.
The company stated the transaction represents the acquisition of the remaining non-controlling interest in PWEI and will not result in a change in control or consolidation status.
“The acquisition is consistent with PERC’s strategy to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio,” the company said.
The agreement is subject to customary closing conditions, including the satisfaction of conditions precedent and applicable regulatory approvals.
PWEI was incorporated March 6, 2013, to develop and operate the 50-megawatt Nabas Wind Power Project in Nabas-Malay, Aklan. The wind farm’s first phase, the 36-MW Nabas-1, was commissioned in June 2015. The 6.6-MW expansion, Nabas-2, began testing and commissioning this year.
