Petro Energy Resources Corp. (PERC) said Japanese firm Kyuden International Corp. (KIC) completed the initial closing requirements for its acquisition of a 25 percent stake in PetroGreen Energy Corp. (PGEC).
PGEC is PERC’s renewable energy arm while KIC is a wholly-owned subsidiary of Japan’s Kyushu Electric Power Co. Inc.
PERC earlier said the transaction will reduce PGEC’s interest to 67.5 percent from the previous 90 percent but did not disclose the value of the transaction.
PERC’s operating assets under PGEC include the 32 megawatts (MW) Maibarara geothermal project, the 70 MW Tarlac solar project and the 36 MW Nabas-1 wind project.
PERC also has a minority stake in the Etame oil concession in offshore Gabon, West Africa.
PERC through PGEC, also recently acquired three new offshore wind blocks from the Department of Energy covering offshore northern Luzon, northern Mindoro and eastern Panay. – Jed Macapagal
