Yuchengco-led PetroEnergy Resources Corp. (PERC) is teaming up with a new investor: Japanese financial services provider SMFL Mirai Partners Company Ltd. will gain a 35 percent stake in its wind assets for P1.7 billion.
In a disclosure on Thursday, PERC said its board of directors had approved the sale of 6.84 million common shares out of the outstanding capital stock of PetroWind Energy Inc. (PWEI).
To formalize the deal, both groups would still need to ink a term sheet, share purchase agreement, and shareholders’ agreement.
‘The closing of the proposed transaction will be subject to the execution of the definitive agreements, the satisfaction of conditions precedents, and the receipt of the necessary corporate and regulatory approvals, including clearance from the Philippine Competition Commission, if required,’ the firm said.
After closing the transaction, PERC will retain a 25 percent stake, while its subsidiary PetroGreen Energy Corp. will hold 40 percent.
Also just this month, the group got a hold of Thailand’s BCPG Public Co. Ltd in PWEI for P1.9 billion, representing a 40 percent stake.
In an earlier filing, PERC explained that it aims to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio.
Additionally, PWEI is the owner and developer of a 49.2-megawatt (MW) wind farm in Nabas and Malay, Aklan. The first phase of the project, involving 36 MW of capacity, has been injecting power into the grid since June 2015. In May, the Nabas-2 expansion also achieved commercial operation.
Previously, it obtained a permit to connect the added capacity to the grid network. PWEI still needs to get a certificate of compliance from the Energy Regulatory Commission.
Meanwhile, PERC has interests in upstream oil exploration and development, renewable energy assets, and power generation.
In the January to June period, the company booked a 7.8-percent improvement in its consolidated net income, reaching P498 million from 464 million a year ago, boosted by its clean power assets and oil operations.