Taisei Corporation has solidified its commitment to renewable energy by acquiring a 25% equity stake in Rizal Green Energy Corporation(RGEC), a subsidiary of PetroGreen Energy Corporation (PGEC).
In a report by Manila Standard, the renowned Japanese general contractor signed an investment agreement that encompasses the financing, construction, and operation of an initial set of four solar power facilities, offering a combined capacity of 112.6 megawatts (MW).
These facilities include the 19.6 MW San Jose project in Nueva Ecija, the 27 MW Dagohoy solar project in Bohol, the 25 MW Bugallon project in Pangasinan, and the 41 MW Limbauan project in Isabela.
While the Japan-based firm had been present in the Philippines since 1982, mainly engaged in official development assistance (ODA)-funded infrastructure projects, this partnership marked its inaugural equity investment in renewable energy (RE) outside Japan.
PGEC Chair Milagros Reyes said that the entry of Taisei not only attested to the integrity of PGEC as a developer but also affirmed the improvement of the energy investment climate in the Philippines.
PGEC Board Director and KIC Asia Division Managing Director Keichi Niinuma said that with Taisei’s engineering expertise and PGEC’s and Kyuden’s background in the country’s energy market, the firm was looking forward to exploring other RE opportunities like energy storage, hydropower, and floating solar among others.
PGEC, predominantly owned by PetroEnergy Resources Corp., with a 75% stake and Kyuden International Corp. with 25%, continues to drive the Philippines’ transition towards a sustainable, net-zero future.
