BCPG acquire 40% of PWEI Philippines
WITH a stated goal to expand its renewable power businesses in Asia, BCPG is investing in a wind-power project in the Philippines through an indirect 40-per-cent equity acquisition of PetroWind Energy Inc (PWEI).
With a total production capacity of 50 megawatts, the project will generate profits before the end of this year, BCPG says.
BCPG president Bundit Sapianchai said his company had signed a legally binding term sheet with CAIF III (the third fund of Singapore-based CapAsia Asean Infrastructure Fund) to acquire 40-per-cent equity in |PWEI, a major player in the wind-energy business, incorporated in the Philippines.
PWEI owns an operating 36MW wind-power project and a 14MW project is under development, located in Nabas in the Philippines’ Western Visayas region.
This transaction was made through the acquisition of the entire interest in CapAsia Asean Wind Holdings Cooperatief UA and is expected to be completed this quarter, which will enable BCPG to expect profit from the investment from this year onwards.
Through this transaction, BCPG has formed a partnership with a dominant group of companies in the Philippines whose businesses include banking, insurance, education, real estate and construction. The partners aim jointly to develop renewable-source power plants in Southeast Asia.
BCPG says the acquisition of the wind-power business in the Philippines reinforces its commitment to expansion into other forms of renewable energy, in addition to solar power. It says its mission is to invest, develop and operate green power plants globally with state-of-the-art technology to secure a sustainable and environmentally friendly business platform.