PetroEnergy takes Nabas wind control in PHP 1.9-billion deal

PetroEnergy Resources Corporation has completed its PHP 1.9-billion acquisition of BCPG Wind Cooperatief U.A.’s 40% stake in PetroWind Energy Inc., securing full control of the operator behind the 49.2-megawatt Nabas Wind Power Project in Aklan.

The transaction gives PetroEnergy and its subsidiary sole authority over a renewable-energy asset serving the Visayas grid, potentially allowing faster investment and operating decisions that could support reliable power supply.

The acquisition itself does not add generating capacity, making its public benefit dependent on whether streamlined control results in improved plant performance, timely financing and further renewable-energy development.

PetroEnergy disclosed that the transaction was completed on Aug. 10, 2026, after all conditions under the share purchase agreement were satisfied.

The closing conditions included clearance from the Philippine Competition Commission.

The transaction covered 7,813,942 common shares valued at PHP 1.9 billion.

The purchase price was equivalent to approximately PHP 243.15 per share.

The consideration was negotiated and became payable after regulatory clearance, according to the company’s disclosure.

Following the acquisition, PetroEnergy directly holds 60% of PetroWind’s outstanding capital stock.

PetroEnergy also owns 75% of PetroGreen Energy Corporation, which holds the remaining interest in PetroWind.

The ownership structure gives PetroEnergy an effective economic interest of 90% in PetroWind.

PetroEnergy and PetroGreen collectively own 100% of the wind company despite PetroEnergy’s lower effective economic interest because minority shareholders retain an interest in PetroGreen.

PetroEnergy said the transaction gives the two companies full control over PetroWind’s operations, governance, financing and strategic direction.

The company expects consolidated ownership to streamline decision-making for the Nabas Wind Power Project.

PetroEnergy also expects the acquisition to optimize capital allocation and potentially improve long-term revenue and shareholder value.

The transaction arose from a share purchase agreement that PetroEnergy signed with BCPG on Dec. 18, 2025.

Under the agreement, PetroEnergy committed to purchase BCPG’s entire 40% equity interest in PetroWind.

Completion of the sale was subject to internal approvals and regulatory clearance.

The Philippine Competition Commission cleared the proposed acquisition on July 21, allowing the parties to proceed and satisfying the agreement’s regulatory requirement.

PetroEnergy’s original disclosure said full ownership was intended to give the group complete control over the governance, financing and strategic decisions involving the Nabas project.

The Nabas facility comprises the 36-MW first phase, which began commercial operations on June 10, 2015, and a 13.2-MW second phase.

With the transaction completed, PetroEnergy and PetroGreen now fully own the operator of the 49.2-MW wind project.

The consolidated structure gives the group greater control over future financing, operations and strategic decisions affecting the Aklan asset.