LISTED oil and mining firm PetroEnergy Resources Corp. (PERC) said it sold a 10 percent stake in unit PetroGreen Energy Corp.
(PetroGreen/PGEC) to another listed firm, EEI Power Corp. (EEIPC), to raise funds for its renewable energy (RE) ventures.
In a disclosure to the Philippine Stock Exchange (PSE), PERC said it sold 112.27 million PGEC shares at P1.83 per share, or a total of P206 million, to EEIPC, a subsidiary of EEI Corp., a leading construction firm in the country.
PetroEnergy president Milagros Reyes said funds raised from the deal will allow the company to boost its various RE projects.
“The decision to sell a 10 percent equity interest in PGEC was prompted by PetroEnergy’s need to raise additional funds to finance its renewable energy projects while still maintaining a controlling interest in PGEC,” said Reyes.
PGEC has major investments in RE projects in the country, including a 65 percent interest in the now commercially operating 20-megawatt (MW) Maibarara geothermal plant in Sto. Tomas, Batangas.
The company also has a 40-percent interest in the 36-MW Nabas wind power project in Nabas and Malay, Aklan, which is about to reach commercial operation.
PGEC has also been recently awarded by the Department of Energy (DOE) a solar service contract covering about 480 hectares in Tarlac City.
The stake sale reduced PERC’s interest in PetroGreen to 90 percent.