Kyuden investment in PGEC done

BY LENIE LECTURA – OCTOBER 27, 2022
from Business Mirror

JAPAN’S Kyuden International Corp. (KIC) has completed its initial investment in PetroGreen Energy Corp. (PGEC).

Following the signing of the shareholders’ agreement for the acquisition of 25-percent interest in PGEC, KIC, a subsidiary of Kyushu Electric Power Co. Inc., has completed the initial closing requirements.

The transaction will reduce the interest of PetroEnergy Resources Corp. in PGEC to 67.5 percent from 90 percent. PGEC is a subsidiary of PetroEnergy.

EEI Power Corp., a wholly-owned subsidiary of EEI Corp., currently holds a 10-percent interest in PGEC. The transaction between KIC and PGEC will also reduce EEI Power’s interest in PGEC to 7.5 percent.

PGEC currently holds a 65 percent interest in the 32-MW Maibarara Geothermal Power Project in Batangas, a 40 percent stake in the 50-MW Nabas Wind Power Project in Aklan, and a 56 percent share in the 70-MWdc Tarlac Solar Power Project.

Kyushu Electric is the exclusive power provider and distributor in Kyushu island and operates 18.32 gigawatts of power facilities using thermal, geothermal, hydro, and nuclear with 154,434 kilometers of high-voltage and low-voltage transmission systems.