MANILA: Taisei Corp., one of the largest contractors in Japan, is buying a 25-percent share in a subsidiary of Yuchengco-led PetroGreen Energy Corp. (PGEC) as part of its investment in renewable energy (RE) here. In a statement Wednesday, PGEC said it signed an investment framework and shareholders agreements with Taisei on April 23. Under the deal, Taisei will acquire a 25-percent equity stake in PGEC's unit Rizal Green Energy Corporation (RGEC). 'The investment covers the funding, construction, and operation of an initial portfolio of four solar power facilities,' PGEC said. These solar power projects include the 41-megawatt direct current (MWdc) Limbauan project in Isabela, the 25-MWdc Bugallon project in Pangasinan, the 19.6-MWdc San Jose project in Nueva Ecija, and the 27-MWdc Dagohoy solar project in Bohol. '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 busi ness partner with PGEC,' Taisei executive vice president Jiro Taniyama said. Taisei has been operating in the Philippines since 1982 as a general contractor for infrastructure projects under Official Development Assistance (ODA). However, its partnership with PGEC is Taisei's first equity investment in renewable energy outside Japan. 'We are honored that Taisei Corp. has chosen the Philippines to make its first overseas equity investment in RE. Following on the 2022 partnership we forged with Kyuden International Corp. (KIC), Taisei's entry not only validates PGEC's performance and integrity as an RE developer and partner but also testifies to the vastly improved energy investment climate in the country under the present administration,' PGEC chairperson Milagros Reyes said. PGEC board director and KIC Asia Division managing director Keichi Niinuma also said that Taisei's expertise in engineering and construction coupled with PGEC's and Kyuden's experience in the local energy market and regulatory environ ment will help in exploring other RE opportunities in the country, including hydropower, floating solar, energy storage and efficiency. These will help the Philippines achieve its goal of a net-zero future, he added. Source: Philippines News Agency
