BCPG Public Company Ltd. of Thailand acquired a 40-percent stake in the 36-megawatt Nabas-1 wind power project in Aklan province.
PetroEnergy Resources Corp.’s wind power unit, PetroWind Energy Inc., in a statement welcomed the entry of BCPG into the project.
“We welcome BCPG into our network of esteemed partners, as our new shareholder in PWEI. We are grateful for their trust and confidence to do business not only with our company but also in the Philippines. We believe that their track record and management expertise will bring greater value to our business,” said PetroEnergy and PetroWind president Milagros Reyes.
Nabas wind facility consists of 18 wind turbine generators erected at elevations of 300 to 500 meters in the foothills of northern Aklan straddling the towns of Nabas and Malay.
BCPG acquired the stake of CapAsia Asean Wind Holdings Cooperatief U.A. in the wind power project.
CapAsia is a Singapore-based private equity firm that invests in mid-market infrastructure assets and companies in Southeast Asia as its core market. CapAsia is majority-owned by the Rohatyn Group with Malaysian-based CIMB Group as a minority owner.
BCPG formalized its acquisition of the 40-percent stake of CapAsia in PetroWind on Tuesday.
BCPG, along with existing PetroWind shareholders PetroGreen Energy Corp. (40 percent) and EEI Power Corp. ( 20 percent) also signed a new shareholders’ agreement governing the company.
BCPG’s parent company is Bangchak Corp. is a Thailand-based company engaged in oil refinery operation and marketing the finished products through its service stations.
The company operates three business segments: refinery, marketing and renewable energy, in Thailand and internationally.
BCPG, a listed company in The Stock Exchange of Thailand, is among the biggest Thai renewable energy companies.
The company’s solar assets include 182 MW of operating capacity in Thailand and 41 MW of operating capacity in Japan, with 152 MW under development.
“PGEC and EEI Power have been wonderful partners for CapAsia and together we have developed a world-class wind project, providing clean energy and having a positive impact on the local community. This has been a successful investment for CapAsia’s fund and we wish BCPG all the best as they help contribute to the future growth of PWEI,” CapAsia chief executive Craig Martin said.
BCPG senior vice president Charnvit Trangadisaikul said the investment marked its first presence in the Philippines.
“We are very confident that the partnership between BCPG and PetroGreen would open up a lot of growth opportunities for all partners, both here and in the region. We are looking forward to expand our investment in RE in the Philippines, and promote sustainability for the country,” said Trangadisaikul.