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.
