Yuchengco-led PetroEnergy Resources Corp. (PERC) agreed to sell a 35 percent stake in its wind power unit to Japan-based SMFL Mirai Partners Co. Ltd. for ₱1.7 billion.

In a disclosure to the Philippine Stock Exchange on Thursday, Aug. 27, PERC reported that the transaction involves the sale of 6.8 million common shares of PetroWind Energy Inc.’s outstanding capital stock.

Once finalized, the deal will restructure PetroWind’s equity into a three-way partnership. PetroGreen Energy Corp., a subsidiary of PetroEnergy, will retain a 40 percent majority-adjacent position, while SMFL Mirai Partners will hold 35 percent. PetroEnergy will directly keep the remaining 25 percent equity stake.

Completion of the deal remains subject to the execution of definitive agreements, customary closing conditions, and corporate and regulatory clearances, including potential antitrust review by the Philippine Competition Commission.

The involved parties are scheduled to sign a term sheet on Sept. 2, establishing the primary framework for negotiating the share purchase and shareholder agreements.

The partnership comes as PetroWind expands its clean energy portfolio in the Philippines. The company recently cleared several key operational milestones, including the 13.56-megawatt Nabas-2 wind expansion project in Aklan province.

It also secured a certificate of compliance for its 33.831-megawatt-peak Limbauan solar facility in Isabela and is constructing a dedicated point-to-point transmission line for the 25-megawatt-peak Bugallon solar project to connect directly to the national grid.

The expansion projects are expected to boost PetroWind’s total commercial generating capacity as several facilities near full operations.

For the first half of the year, PetroEnergy recorded a 14 percent decline in consolidated net income to ₱240.6 million. The decline was largely driven by lower crude output from its upstream oil operations in West Africa.

However, growth in its domestic renewable energy unit helped buffer the drop, generating higher electricity sales behind increased output from the Nabas wind power facility and early generation from the Limbauan solar plant. (Gabriell Christel Galang)