The Yuchengco Group has taken full ownership of PetroWind Energy Inc. (PWEI) after completing its P1.9-billion acquisition of the 40-percent stake held by Thailand’s BCPG Public Co. Ltd.
In a regulatory filing, Yuchengco-led PetroEnergy Resources Corp. (PERC) said the transaction was closed after all conditions under its share purchase agreement with BCPG were satisfied.
The buyout raised PERC’s direct stake in PWEI to 60 percent. Combined with the interest held through subsidiary PetroGreen Energy Corp., PERC now owns 100 percent of the wind company.
Last month, the Philippine Competition Commission cleared PERC’s proposed acquisition of BCPG’s stake in PWEI, paving the way for the transaction to proceed.
The approval fulfilled the regulatory condition under the share purchase deal executed by the parties in December last year.
‘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.
PWEI operates the 49.56-megawatt Nabas-1 and Nabas-2 wind power projects in Aklan.
Completed in 2015, Nabas-1 currently generates 36 MW of clean power, while the 13.56-MW Nabas-2 is in the final stretch toward commercial operations.