BCPG seals acquisition of wind farm in Philippines
BCPG Plc, an electricity-generating arm of SET-listed oil refiner Bangchak Petroleum Plc (BCP), has completed its acquisition of a wind farm business in the Philippines, increasing its total renewable powergenerating capacity to over 400 megawatts worldwide.
President and chief executive Bandit Sapianchai said the deal to acquire the 50MW PetroWind Energy Inc (PWEI), a major player in the Philippines’ wind energy business, was sealed on March 17 and the project is expected to start contributing additional revenue to the company within this year.
He said the move was part of BCPG’s plan to expand its renewable energy business in Asia.
The acquisition was done through the purchase of a stake from CAIF III Pte, a Singapore-based investment fund.
BCPG now holds a 40% interest in PWEI, which is located in Nabas on Visayas Island. Of the total capacity, 36MW is operating, while 14MW is still under development.
The acquisition will increase BCPG’s global generating capacity to more than 400MW worldwide, in line with the company’s mission to invest, develop and operate green power plants globally.
Thanks to the 20-year feed-in tariff of 7.40 Philippine peso per kilowatt hour, around 5.4 baht per kilowatt-hour, BCPG expects to start earning profits from the project immediately.
The project is expected to have a plant load factor of 35-40%, which translates to generation at maximum capacity for 8.4-9.6 hours per day on average.
In addition to solar and wind power, the company has been studying various types of renewable energy, including geothermal and energy storage systems, mainly in the Asia-Pacific region not only to expand its business portfolio but also to find innovations that will help drive new businesses to create sustainability in the long run.
BCPG had total revenue of 3.1 billion baht in 2016, up 2% year-on-year, with earnings before interest, tax, depreciation and amortisation of 2.7 billion baht.
Net profit for 2016 was 1.54 billion baht, down from 2.14 billion the previous year. Most of the profit came from new renewable power projects in Japan.
BCPG shares closed yesterday on the Stock Exchange of Thailand at 12.70 baht, up 10 satang, in trade worth 44.8 million baht.