Renewable energy firm, PetroEnergy Resources Corp. (PERC) has a share purchase agreement with EEI Power Corp. (EPC) to acquire all of the latter’s common shares in PetroGreen Energy Corp., PetroSolar Corp. and PetroWind Energy Inc. for an aggregate P2.69 billion.
PERC acquired EPC’s 213,675,516 common shares from PetroGreen equal to 7.5 percent of the company at P2.78 per share; 6,993,800 common shares from PetroSolar equal to 44 percent of the company at P206.46 per share; and 2,865,408 common shares of PetroWind equal to 20 percent of the company at P227.38 per share.
In a separate disclosure, EEI Corp., EPC’s parent firm, said the funds will help reduce its debt obligations and provide the enterprise with more working capital.
PERC and EEI Corp. are units of the Yuchengco Group of Companies.
PERC’s portfolio include the 20 megawatt (MW) Maibarara-1 and the 12 MW Maibarara-2 geothermal power plants in Batangas; the 36 MW Nabas-1 wind power project in Aklan and the 70 MW solar project in Tarlac.
PERC also has a minority stake in the Etame oil concession in offshore Gabon, West Africa.
PERC also recently acquired three new offshore wind blocks from the Department of Energy covering offshore northern Luzon, northern Mindoro and eastern Panay.
