Yuchengco-led PetroEnergy Resources Corp. is moving toward near-total control of its wind business by raising its stake in PetroWind Energy Inc. to 90 percent.

In a disclosure to the Philippine Stock Exchange on Friday, Dec. 19, PetroEnergy said it had acquired a 40 percent equity interest from Bangkok-based BCPG Wind Cooperatief U.A. under a share purchase agreement.

PetroEnergy said the transaction aims to simplify its ownership structure and boost direct economic participation in its renewable energy portfolio. However, it noted the deal will not result in significant changes to PetroWind’s consolidation status.

Before the acquisition, PetroEnergy held a 20 percent direct stake in the wind unit, while its 75 percent-owned subsidiary, PetroGreen Energy Corp., had 40 percent.

The new agreement remains subject to closing conditions and regulatory approvals.

PetroWind operates the 49.2-megawatt Nabas wind power project in Aklan. The facility was among the assets that drove PetroEnergy’s financing expenses higher during the first nine months of the year.

The company’s Nabas-2 wind facility began delivering power in August during commissioning, as the group works toward a target capacity of 266 megawatts by the end of 2025.

Expansion efforts are also continuing in the solar sector through Rizal Green Energy Corp., another Yuchengco-led entity.

The unit recently began delivering power to the Luzon grid from its solar project in Isabela and is preparing to switch on the 6.004-megawatt Limbauan phase one solar project and the 25-megawatt Bugallon development in Pangasinan.