Thai firm buys 40% stake in PetroEnergy unit

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PETROENERGY Resources Corp. (PetroEnergy) said that a Thai firm has acquired a 40 percent stake in its wind power unit PetroWind Energy Inc. (PWEI), the developer and operator of the 36-megawatt (MW) Nabas-1 Wind Power Project (NWPP) in Aklan.

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In a disclosure to the local bourse on Wednesday, PetroEnergy said that BCPG Public Company Ltd. of Thailand formalized the acquisition of the 40 percent stake held by CapAsia Asean Wind Holdings Cooperatief U.A. (CapAsia) in PWEI during a signing ceremony held on Tuesday.

BCPG, a listed company in the Stock Exchange of Thailand (SET), is among the biggest Thai renewable energy companies.

Following CapAsia’s exit from PWEI, the company’s shareholders are now BCPG with 40 percent, PetroGreen Energy Corp. (PGEC) with 40 percent, and EEI Power Corp. (EEI Power) with 20 percent. PGEC is a unit of PetroEnergy.

BCPG, PetroGreen and EEI then signed a new shareholders’ agreement governing the wind energy company.

BCPG’s parent company is Bangchak Corp., a Thailand-based company engaged in oil refinery operation which markets its finished products through its service stations. Bangchak is engaged in refinery, marketing and renewable energy, in Thailand and internationally.

BCPG’s solar assets include 182 MW of operating capacity in Thailand and 41 MW of operating capacity in Japan, with 152 MW under development. Its acquisition of a 40 percent stake in PWEI is BCPG’s first investment in the Philippines’ renewable energy (RE) sector.

“We welcome BCPG into our network of esteemed partners, as our new shareholder in PWEI. We believe that their track record and management expertise will bring greater value to our business,” PetroEnergy and PWEI President Milagros V. Reyes said.

For its part, BCPG Senior Vice President Charnvit Trangadisaikul said, ““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 RE in the Philippines, and promote sustainability for the country,” Trangadisaikul added.

The 36-MW Nabas wind facility consists of 18 wind turbine generators supplied by Gamesa and erected at elevations of 300-500 meters on 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-gigawatthours. 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.

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