Kyuden acquires shares in Philippine RE firm and geothermal player
Signing of Shareholders' Agreement between KIC and PERC (source: PERC)
Carlo Cariaga
26 Oct 2022
Japan-based Kyushu Electric Power Inc. has acquired stake in PetroGreen Energy Corporation, the majority shareholder of the Maibarara geothermal power plant in the Philippines.
Reported in September 2022, Japan’s Kyushu Electric Power Co. Inc. thru wholly-owned subsidiary Kyuden International Corporation (KIC) has acquired a 25% equity stake in Philippine-based renewable energy company PetroGreen Energy Corporation (PGEC).
PGEC is the renewable energy subsidiary of PetroEnergy Resources Corporation (PERC). With this acquisition, PERC’s interest in PGEC has been reduced from 90% to 67.5%.
PGEC is the majority (65%) stakeholder of Maibarara Geothermal Inc. (MGI), a joint venture with AC Energy Philippines (25%) and PNOC Renewable Corporation (10%). The Maibarara Geothermal Power Project in Sto. Tomas, Batangas has a total installed capacity of 32 MW between its two units.
Earlier this year, MGI announced plans of adding a third power plant to the Maibarara Geothermal Power Project with an increase in power generation capacity of 10 to 30 MW. This is part of the wider effort of PERC to increase their total renewable power capacity.
Source: PetroEnergy Resources
