PERC profit climbs on clean energy

Petroenergy resources Corp. (Perc) of the yuchengco Group saw its net income rise to P944 million last year on the back of the strong electricity sales of its renewable energy (re) projects.

the company said its financial performance last year was largely due to the full-year operation of the 32-megawatt (MW) Maibarara geothermal power project–units 1 and 2.

Petrowind energy Inc. (PWEI), a joint venture of Petrogreen energy Corp. (PGEC), the re arm of Perc, eei Power Corp. (EEIPC), and BCPG Public Co. ltd. of thailand, also reported “better” generation due to higher wind speeds in the months of July and august 2023. Perc also said PSC’S performance has been “consistently good.”

Petrosolar Corp. (PSC), another subsidiary of PGEC, showed a “consistently good” performance.

“the re projects’ notable performance tempered the impact of the impairment loss recognized on account of the decline in the valuation of Perc’s minority interest in its oil assets in Gabon, West africa, as well as the notional remeasurement loss and amortization of an intangible asset in relation to the investments in PWEI,” the company said.

Perc also recorded a 30-percent increase in its consolidated assets to P21.9 billion from P16.8 billion in 2022. the increases in consolidated assets and liabilities result largely from Perc’s acquisition from EEIPC of a 20-percent direct equity interest in PWEI, a 44-percent direct equity interest in PSC, and an additional 7.5-percent equity interest in PGEC.

these acquisitions have been funded through term loans from local banks.

Perc’s and PGEC’S combined 60-percent equity in PWEI enabled the consolidation of PWEI’S financials into that of Perc’s, further increasing Perc’s consolidated assets and liabilities.

another reason for the increases is the start of the funding and construction of PWEI’S 13.2 MW Phase 2 of the nabas Wind Power Project in aklan.

In scaling up its re footprint, Perc, through PGEC, recently established rizal Green energy Corp. to hold and spearhead the development of new solar projects.

Included in the pipeline are the four solar projects in Bohol, nueva ecija, Pangasinan, and Isabela. these new projects already have secured offtake arrangements through the Green energy auction Program or with a private retail electricity supplier.