Petro Energy Resources Corp. (PERC) through its subsidiaries signed investment framework and shareholders agreements yesterday with Taisei Corp., one of Japan’s biggest general contractors.
Taisei will take a 25-percent equity stake in Rizal Green Energy Corp., a subsidiary of PetroGreen Energy Corp. (PGEC), a unit of PERC.
The investment covers the funding, construction and operation of an initial portfolio of four solar power facilities with a total capacity of 112.6 megawatts (MW), including the 41 MW Limbauan project in Isabela, 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.
Taisei said this is its first equity investment in renewable energy (RE) outside Japan despite being in the Philippines since 1982 as a general contractor mostly on official development assistance-funded infrastructures.
“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. We are looking forward to the synergies that this project will generate in the business of TAISEI and PGEC led by the Yuchengco Group,” said Jiro Taniyama, Taisei Corp. executive vice president, in a statement.
Milagros Reyes, PGEC chair, said Taisei’s entry not only validates the company’s “performance and integrity as an RE developer and partner but also testifies to the vastly improved energy investment climate in the country under the present administration.”
In 2022, another Japanese firm, Kyuden International Corp., also acquired a 25 percent stake in PGEC.
Taisei Corp. is among Japan’s top general contractors building ports and harbors, bridges and tunnels, power stations, industrial complexes and commercial buildings in over 65 countries.
