PetroEnergy takes in new Thai partner

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.