Taisei Corp., a Japan-based general contractor, is investing in one of the subsidiaries of the Yuchengco Group’s PetroEnergy Resources Corp. (PERC).
Taisei signed investment framework and shareholders agreements with PERC unit PetroGreen Energy Corp. (PGEC) to corner a 25-percent equity stake in Rizal Green Energy Corp. for an undisclosed amount, PERC said in a disclosure on Wednesday.
PERC said this is Taisei’s first equity investment in renewable energy outside Japan although it has been operating as a general contractor in the Philippines since 1982, mostly in official development assistance-funded infrastructures.
Taisei’s investment covers the funding, construction and operation of an initial portfolio of four solar power facilities: the 41-megawatt Limbauan project in Isabela province, the 25-MW Bugallon project in Pangasinan, the 19.6-MW San Jose project in Nueva Ecija and the 27-MW Dagohoy solar 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 PGEC,” Taisei executive vice president Jiro Taniyama said.
“Following on the 2022 partnership we forged with Kyuden International Corporation (KIC), Taisei’s entry not only validates PGEC’s performance and integrity as a [renewable energy] developer and partner but also testifies to the vastly improved energy investment climate in the country under the present administration,” PGEC chair Milagros Reyes said.
“Combining Taisei’s engineering and construction expertise with Kyuden’s and PGEC’s experience in the Philippine energy market and regulatory environment, we hope to explore other … opportunities such as hydropower, floating solar, energy storage and efficiency and others to boost the Philippines’ transition to a net-zero future,” PGEC board director and KIC Asia division managing director Keiichi Niinuma said.
Taisei is the latest Japanese firm to invest in PGEC. In 2022, KIC acquired a 25-percent stake in PGEC resulting in the dilution of shares of PERC and EEI Power Corp., both owned by the Yuchengco family, in the company.
Founded in 1873, Taisei is engaged in building ports and harbors, bridges and tunnels, power stations, industrial complexes and commercial buildings in more than 65 countries.
The Japanese general contractor recorded total net sales of $12.3 billion or around P706.1 billion. —JORDEENE B. LAGARE