PetroGreen Energy Corp (PGEC) has announced acquisition of two solar projects in the Philippines.
PGEC is part of the Yuchengco Group of Companies, one of the Philippines’ largest business conglomerates.
It has been informed that the latest acquisition will contribute an additional 60 MW of capacity to the company’s renewable energy portfolio.
PetroGreen acquired the San Jose solar project in the Nueva Ecija province and the San Pablo solar project in the Isabela province. The company has inked separate deals for these acquisitions with VMars Solar Energy Corp and BKS Green Energy Corp.
The company informed that the San Jose solar project covers 17.1 hectares of land, while the San Pablo project will spread across 29.8 hectares.
Both of these projects are likely to be fully operational by 2025.
According to PGEC, it has been handling PetroEnergy Resources Corporation’s renewable projects, including the 32 MW Maibarara geothermal project of Maibarara Geothermal Inc., the 70 MW Tarlac solar project of PetroSolar Corp, and the 36 MW Nabas-1 wind project of PetroWind Energy Inc.
PetroEnergy is the parent company of PetroGreen. It recorded a 30% growth in earnings last year, reaching P863 million.
