JAPAN-BASED company Taisei Corp. is set to acquire a 25% stake in a subsidiary of PetroGreen Energy Corp., its parent company PetroEnergy Resources Corp. said on Wednesday.
“We are honored that Taisei has chosen the Philippines to make its first overseas equity investment in renewable energy. Following on the 2022 partnership we forged with Kyuden International Corp.,” PetroGreen Energy Chairperson Milagros V. Reyes said in a statement.
In 2022, Kyuden International completed the initial closing requirements for its acquisition of a 25% stake in PetroGreen Energy.
“Taisei’s entry not only validates PetroGreen Energy performance and integrity as an RE developer and partner but also testifies to the vastly improved energy investment climate in the country under the present ad-ministration,” Ms. Reyes said.
Taisei has signed an agreement with PetroGreen Energy to acquire a significant stake in Rizal Green Energy Corp. (RGEC), PetroEnergy said.
RGEC is a subsidiary of PetroGreen Energy, the renewable energy arm of listed PetroEnergy.
The two parties signed investment framework and shareholders agreements covering funding, construction, and operation for its four solar power facilities.
These renewable plants are the 41-megawatt direct current (MWdc) Limbauan project in Isabela, the 25-MWdc Bugallon project in Pangasinan, the 19.6-MWdc San Jose project in Nueva Ecija, and the 27-MWdc Dagohoy so-lar project in Bohol.
“We are very pleased to be able to contribute to renewable energy in the Philippines, which is experiencing remarkable development, and more importantly, to participate in this project as a business partner with Petro-Green,” said Taisei Executive Vice-President Jiro Taniyama.
Taisei started its operations in the Philippines in 1982 as a general contractor on official-development-assistance-funded infrastructure projects.
Its investment in the PetroGreen Energy unit is Taisei’s first equity investment in renewable energy outside Japan.
At the local bourse, shares in PetroEnergy gained 15 centavos or 3.46% to end at P4.48 apiece. — Ashley Erika O. Jose
