PetroEnergy takes in Thai firm as new partner

The wind project development arm of publicly listed PetroEnergy Resources Corporation has taken in Thai firm BCPG Public Company Ltd. (BCPG) as its new partner in the 36-megawatt Nabas-1 wind project in Aklan.

The Thai partner acquired the 40percent shareholdings of CapAsia Asean Wind Holdings Cooperatief U.A. (CapAsia) in the wind venture in the Visayas grid, which is under corporate vehicle PetroWind Energy, Inc.

In the re-alignment of shareholdings, PetroEnergy retained its 40-percent equity in the project; while EEI Power Corporation remained the minority shareholder with 20-percent stake.

The new Thai firm-partner has engagements both in oil refining business and development of renewable energy ventures – not just in Thailand but also in Japan. The company’s parent firm is Bangchak Corporation.

PetroEnergy president Milagros V. Reyes is pinning hope on the BCPG’s track record and management expertise as something that “will bring greater value to our business.”

BCPG senior vice president Charnvit Trangadisaikul, had in turn, asserted that “this investment marks our first presence in the Philippines,” while noting optimism that the tie-up deal “would open a lot of growth opportunities for all partners – both here and in the region.”

He thus stressed that “we are looking forward to expand our investment in RE in the Philippines, and promote sustainability for the country.”

The Nabas wind farm project is among the ventures granted with feedin-tariff (FIT) incentive in the second wave of subsidy award undertaken by the Department of Energy – with corresponding approval and confirmation by the Energy Regulatory Commission. (MMV)