PetroGreen Energy acquires 2 solar power projects in Luzon | Inquirer Business

PetroGreen Energy acquires 2 solar power projects in Luzon

MANILA  -The Yuchengco group’s PetroGreen Energy Corp. will be taking over two solar projects in Luzon that are expected to add 60 megawatts (MW) of capacity to the renewable energy firm’s solar portfolio.

In a stock exchange disclosure on Tuesday, PetroGreen, the renewable energy holding unit of listed PetroEnergy Resources Corp., said it had acquired the San Jose solar project in Nueva Ecija province and the San Pablo solar project in Isabela province.

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PetroGreen signed separate term sheets for the acquisitions on April 19 with VMars Solar Energy Corp. and BKS Green Energy Corp., the company said.

“Transaction closing is expected to be completed in the coming weeks,” added Louie Mark Limcolioc, PetroGreen assistant vice president for legal and corporate affairs.

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The San Jose project sits on 17.1 hectares (ha) of land, while the San Pablo service contract covers 29.8 ha. Both are expected to be fully operational by 2025.

PetroGreen currently operates the 50-MW Tarlac-1 and the 20-MW Tarlac-2 solar power facilities in Central Technopark, Tarlac City through its subsidiary, PetroSolar Corp.

It is also developing the 27-MW Dagohoy solar project in Bohol province and the 25-MW Bugallon solar project in Pangasinan province.

Parent company PetroEnergy recorded a 30-percent growth in earnings last year to P863 million on the back of strong oil revenues and hefty returns from the Etame consortium in Gabon, West Africa, in which it holds 2.53 percent participating interest.

Japan’s Kyuden buying into Yuchengco-led renewable energy firm

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TAGS: acquisition, PetroEnergy Resources Corp., solar power, subsidiary
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