By Danessa Rivera (The
Philippine Star) | Updated May 18, 2017 - 12:00am
MANILA, Philippines -
PetroEnergy Resources Corp. (PERC) has taken in BCPG Public Co. Ltd.
(BCPG) as its new partner in the 36-megawatt (MW) Nabas-1 Wind Power Project
(NWPP), the Thai firm’s first investment in the Philippines.
BCPG acquired the 40 percent stake
of Singapore-based investment fund CapAsia Asean Wind Holdings Cooperatief U.A.
(CapAsia) in PetroWind Energy Inc. (PWEI), the owner and operator of the Nabas
wind farm.
The Thai firm signed a new
shareholders’ agreement with existing PWEI shareholders PetroGreen Energy Corp.
(PGEC)—which is 56 percent owned by PERC—with a 40 percent stake and EEI Power
Corp. with 20 percent.
BCPG senior vice president Charnvit
Trangadisaikul said the investment marks the company’s 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. We are looking
forward to expand our investment in renewable energy in the Philippines, and
promote sustainability for the country,” he said.
PetroEnergy and PWEI president
Milagros Reyes said BCPG will bring more value to the wind project given its
expertise in the power sector, particularly in renewable energy.
“We welcome BCPG into our network of
esteemed partners, as our new shareholder in PWEI. We are grateful for their
trust and confidence to do business not only with our company but also in the
Philippines. We believe that their track record and management expertise
will bring greater value to our business,” she said.
BCPG, a listed company in The Stock
Exchange of Thailand (SET), is among the biggest Thai renewable energy
companies. Its solar assets include 182 MW of operating capacity in Thailand
and 41 MW of operating capacity in Japan, with 152 MW under development.
While CapAsia made the sale, Reyes
said its investment has been crucial in ensuring the Nabas wind farm advances
from development to commercial operations.
CapAsia is a Singapore-based private
equity firm that invests in mid-market infrastructure assets and companies in
Southeast Asia as its core market. It is majority-owned by the Rohatyn Group
with Malaysian-based CIMB Group as a minority owner.
“PGEC and EEI Power have been
wonderful partners for CapAsia and together we have developed a world-class
wind project, providing clean energy and having a positive impact on the local
community,” CapASia co-CEO Craig Martin said.
This has been a successful
investment for CapAsia’s fund and we wish BCPG all the best as they help
contribute to the future growth of PWEI,” CapAsia co-CEO Craig Martin said.
The 36-MW Nabas wind facility
consists of 18 wind turbine generators supplied by Gamesa and erected at
elevations of 300-500 meter in the foothills of northern Aklan straddling the
municipalities of Nabas and Malay.
“In 2016, due to better wind turbine
and plant availabilities, total net energy exported from the facility reached
over 100 gigawatt-hours. With this production and a capacity factor
reaching 33 percent during the past year, our Nabas-1 facility is delivering on
its investment and operational promise not only for our shareholders but also
for our host communities” PWEI executive vice president F.G. Delfin Jr. said.
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