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Manila Bulletin devider Business devider Taisei acquires 25% stake in PetroGreen

Taisei acquires 25% stake in PetroGreen

Published Apr 24, 2024 08:15 am

Taisei Corp., a Japanese general contractor, has acquired a 25 percent stake in PetroGreen Energy Corp., a subsidiary of Rizal Green Energy Corp. that focuses on renewable energy.

The investment made by Taisei will be used to build and operate four solar power projects.

These include the Limbauan project in Isabela, the Bugallon project in Pangasinan, the San Jose project in Nueva Ecija, and the Dagohoy solar project in Bohol.

Although the financial details of the deal were not disclosed, PetroGreen has a market capitalization of P6.4 billion, valuing 25 percent of the company at P1.6 billion at the current market price.

This equity investment is Taisei's first step into renewable energy outside Japan.

Since 1982, the Japanese firm has been operating in the Philippines as a general contractor for projects funded by official development assistance.

“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,” Jiro Taniyama, Taisei executive vice president said.

“We are looking forward to the synergies that this project will generate in the business of TAISEI and PGEC led by the Yuchengco Group,” he added.

Kyuden International Corp., another Japanese firm, also acquired a 25 percent stake in PetroGreen in 2022.

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