PetroEnergy raises stake in wind unit
PetroEnergy Resources Corp. said its stake in PetroWind Energy Inc. will eventually rise to 90 percent-60 percent direct, and 30 percent through its 75 percent-owned subsidiary PetroGreen Energy Corporation.
PetroEnergy Resources Corp. said its stake in PetroWind Energy Inc. will eventually rise to 90 percent-60 percent direct, and 30 percent through its 75 percent-owned subsidiary PetroGreen Energy Corporation.
Yuchengco-led PetroEnergy Resources Corp. (PERC) has agreed to acquire the remaining 40 percent stake in PetroWind Energy Inc. (PWEI) from BCPG Wind Cooperatief U.A. (BCPG) to boost its position in the clean energy arena.
Citing a Share Purchase Agreement signed on 18 December, PERC said Friday that its effective stake in PWEI will rise to 90 percent — comprising 60 percent direct and 30 percent through its 75 percent-owned subsidiary, PetroGreen Energy Corp. (PGEC) — once the deal is completed. The company did not disclose the transaction amount.
Currently, PERC and PGEC hold 20 percent and 40 percent direct stakes in PWEI, giving the company an effective 50 percent ownership.
No change in control
“The transaction represents the acquisition of the remaining non-controlling interest in PWEI and will not result in a change in control or consolidation status.
The acquisition is consistent with PERC’s strategy to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio,” PERC said.
The agreement remains subject to customary closing conditions, including regulatory approvals. PERC said it will issue further disclosures once the transaction is finalized.
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