PetroGreen Energy Corp. (PGEC), the renewable energy arm of listed firm PetroEnergy Resources Corp. (PERC), is acquiring solar projects in Luzon.
Louie Mark Limcolioc, PGEC assistant vice president for legal and corporate affairs, said the term sheets for the takeover of VMARS Solar Energy Corp. in San Jose, Nueva Ejica and BKS Green Energy Corp. in Limbauan, San Pablo, Isabela solar projects were signed separately on 19 April this year.
Limcolioc said closing the transactions should complete in the coming weeks but did not disclose financial details.
Maria Victoria Olivar, PGEC vice president for commercial operations, said the San Jose solar project covers 17.1 hectares while the San Pablo service contract extends over 29.8 hectares.
The facilities together add as much as around 60 megawatts (MW) of capacity to its portfolio when the projects are fully operational by 2025.
PGEC operates the 50-MW Tarlac-1 and the 20-MW Tarlac-2 solar power plants at the Central Technopark, Tarlac City. It is also developing the 27-MW Dagohoy solar project in Bohol and the 25-MW Bugallon solar project in Pangasinan.
PERC’s other energy projects include the 20-MW Maibarara-1 and the 12-MW Maibarara-2 geothermal power plants in Batangas as well as the 36-MW Nabas-1 wind power project in Aklan.
PERC also has a minority stake at the Etame oil concession in offshore Gabon, West Africa.
PERC, through its subsidiary, also recently acquired three offshore wind blocks from the Department of Energy in offshore northern Luzon, northern Mindoro and eastern Panay.
