November 25, 2017 | MANILA, PHILIPPINES

Thai firm buys stake in PetroEnergy wind project

PETROENERGY Resources Corp. disclosed on Wednesday the acquisition by a Thai company of the 40% stake held by a Singaporean private equity firm in the listed power developer’s wind energy project in Nabas, Aklan.

PetroEnergy told the local bourse that the acquisition by BCPG Public Co. Ltd. of the stake owned by CapAsia Asean Wind Holdings Cooperatief UA was formally signed on May 16.

The unit, PetroWind Energy, Inc., has a 36-megawatt wind power project on the Western Visayas island called Nabas-1 Wind Power Project under a joint venture with Singapore-based CapAsia (40%), EEI Power Corp. (20%) and PetroGreen Energy Corp. (40%). PetroGreen is a 90%-owned subsidiary of PetroEnergy.

“We welcome BCPG into our network of esteemed partners, as our new shareholder in [PetroWind],” said Milagros V. Reyes, president of PetroEnergy and PetroWind. “We believe that their track record and management expertise will bring greater value to our business,” she added.

BCPG, along with existing the PetroWind shareholders, signed a new shareholders’ agreement governing the company, PetroEnergy said.

Charnvit Trangadisaikul, BCPG senior vice-president, said: “This investment marks our first presence in the Philippines. We are very confident that the partnership between BCPG and PetroGreen would open up a lot of growth opportunities for all partners, both here and in the region.”

He said BCPG was looking forward to expand its investment in renewable energy in the Philippines “and promote sustainability for the country.”

BCPG’s parent company is Thailand-based Bangchak Corp., which is engaged in oil refinery operation and marketing the finished products through its service stations. The company operates three business segments, namely: refinery, marketing and renewable energy in Thailand and globally.

Craig Martin, CapAsia co-chief executive officer, said its participation in the Nabas-1 wind power project had been a successful investment for the firm’s fund.

The P4.5-billion wind facility is made up of 18 wind turbine generators supplied by Gamesa Corporación Tecnológica. The turbines were erected at elevations of 300-500 meters in the foothills of northern Aklan. They straddle the municipalities of Nabas and Malay. -- Victor V. Saulon