PetroEnergy Resources Corp. (PERC) posted a weaker nine-month profit as rising costs from its renewable energy expansion and lower Gabon oil receipts offset an 11% jump in electricity sales.

According to a company disclosure filed today, consolidated electricity sales climbed to PHP 2.33 billion for the nine months ending Sept. 30, 2025, up from PHP 2.09 billion a year earlier, reflecting new solar and wind capacity coming online. But consolidated net income slipped to PHP 577.12 million from PHP 691.96 million in the same period of 2024, while net income attributable to equity holders fell to PHP 297.54 million from PHP 404.09 million.

PERC attributed the weaker bottom line in part to a drop in Gabon oil revenues after average crude prices fell from USD 81.60 per barrel in 2024 to USD 69.72 per barrel in 2025. At the same time, expansion-related costs and higher financing expenses tied to recent renewables projects weighed on earnings.

The company said higher power sales and financing expenses were largely driven by three projects that began operations or started exporting power mid-2025: the 27-MWDC Dagohoy solar project in Bohol (commercial operations July 2025), the 19.6-MWDC San Jose solar project in Nueva Ecija (online August 2025), and the 13.2-MW Nabas-2 wind facility which began exporting from all six Vestas turbines during commissioning in August 2025.

PetroGreen Energy Corp., PERC’s renewables unit, is expected to add two more plants before year-end–the 27-MWDC Bugallon solar in Pangasinan and the 40-MWDC Limbauan solar in Isabela, which would bring PERC’s total installed capacity to about 266 MW by end-2025. 

The company said the full financial benefit of these additions will materialize in 2026 when the projects deliver a full year of revenue.

 What does PERC’s mixed result mean for financing plans, project timelines and merchant risk across Philippine renewables developers? Share your view.

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