Japanese contractor Taisei Corp. is buying a 25 percent equity stake in Rizal Green Energy Corp. (RGEC), a subsidiary of Yuchengco-led PetroGreen Energy Corp. (PGEC) — its first investment in renewable energy outside its home country.
In a stock exchange disclosure on Wednesday, PGEC announced that it has signed investment, framework, and shareholders agreements covering the funding, construction, and operation of four solar power facilities.
The solar developments include the 41-megawatt (MW) Limbauan project in Isabela, the 25-MW Bugallon project in Pangasinan, the 19.6-MW San Jose project in Nueva Ecija, and the 27-MW Dagohoy solar project in Bohol.
PGEC, however, did not disclose the amount of investment that Taisei Corp. will pour into its affiliate.
"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," Taisei Corp. Executive Vice President Jiro Taniyama said.
For PGEC Chair Milagros Reyes, the partnership will help the company support its clean energy development.
Taisei has been present in the Philippines since 1982 as a general contractor mostly on official development assistance-funded infrastructures.
It is among Japan's top five general contractors building ports and harbors, bridges and tunnels, power stations, industrial complexes, and commercial buildings in over 65 countries.
In 2022, Taisei Group recorded a total net sales of $ 12.3 billion.
PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. and is a joint venture with Kyuden International Corp., the overseas investment unit of Kyushu Electric Power of Japan.
