Japanese general contractor Taisei Corp. took a 25 percent stake in PetroGreen Energy Corp., a renewable energy subsidiary of the Yuchengco Group’s Rizal Green Energy Corp.
The capital infusion from Taisei will fund the construction and operation of an initial four solar power projects, including the 41 megaWatt-direct current Limbauan project in Isabela, the 25 MWdc Bugallon project in Pangasinan, the 19.6 MWdc San Jose project in Nueva Ecija, and the 27 MWdc Dagohoy solar project in Bohol.
Financial details of the deal weren’t immediately disclosed. PetroGreen has a market capitalization of P6.4 billion, valuing a quarter of the company around P1.6 billion at current market price.
The equity investment made b Taisei, which has been operating in the Philippines since 1982 as general contract for projects funded by official development assistance, is the Japanese company’s first equity investment in renewable energy outside Japan. T
“We are very pleased to be able to contribute to renewable energy in the Philippines, which is experiencing remarkable development, and more importantly, to participate in this project as a business partner with PGEC. We are looking forward to the synergies that this project will generate in the business of TAISEI and PGEC led by the Yuchengco Group,” said Taisei executive vice president Jiro Taniyama in a statement.
In 2022, Japanese firm Kyuden International Corp. bought a 25 percent stake in PetroGreen.
PetroGreen chairwoman Milagros Reyes said the investment made by the two Japanese companies validates the renewable energy company’s “performance and integrity” as a renewable energy developer as well as a vote of confidence in the country’s improved energy investment climate.
