PetroEnergy Resources Corp. (PERC) has recently partnered with Thai powerhouse BCPG Public Company Ltd. for its upcoming 36-megawatt (MW) Nabas-1 Wind Power Project, making the collaborative enterprise the first acquisition in the Philippines for the fellow Southeast Asian company.
The latest renewable energy venture, with initial investments from Singaporean firm CapAsia Asean Wind Holdings Cooperatief U.A. (CapAsia) in PWEI, is now shared with BCPG after buying 40 percent of its assets.
BCPG signed a shareholders’ agreement with PWEI, Nabas wind farm’s operator, marking the Thai company as the fourth shareholder along with existing investors PetroGreen Energy Corp. (PGEC), PERC and EEI Power Corp.
“We are looking forward to expand our investment in renewable energy in the Philippines and promote sustainability for the country,” said BCPG senior vice president Charnvit Trangadisaikul.
PetroEnergy and PWEI president Milagros V. Reyes is confident that the new alliance with BCPG will open doors for more opportunities, especially for the wind project and the rest of the renewable energy sector.
“We are grateful for their trust and confidence to do business not only with our company but also in the Philippines,” she said, noting that the Thai firm’s excellent track record and management expertise are of asset to PetroEnergy and PWEI.
Reyes also said that CapAsia’s purchase was crucial in securing the Nabas farm venture lean from development to commercial operations.
“This has been a successful investment for CapAsia’s fund and we wish BCPG all the best as they help contribute to the future growth of PWEI,” said CapAsia co-CEO Craig Martin said.
CapAsia is a private equity firm in Singapore with investments made in mid-market infrastructure assets mainly in the Southeast Asian region.
To update, 56 percent stake is procured by PetroGreen Energy Corp. (PGEC), 40 percent of PERC, 20 percent of EEI Power Corp.
The P4.5 billion Nabas wind venture consists of 18 wind turbine generators supplied by Gamesa Corporacion Tecnologica and erected at elevations of 300-500 meters in the foothills of northern Aklan, straddling Nabas and Malay.