BCPG Goes Beyond Solar in Thailand and Japan Investing in Wind Power Business in the Philippines
With a committed goal to expand renewable power businesses in Asia, BCPG Public Company Limited is investing into a wind power project in the Philippines through an indirect acquisition of 40% equity in PetroWind Energy Inc. (PWEI). With a total production capacity of 50 megawatts, the project will generate profits immediately in 2017
Mr. Bundit Sapianchai, BCPG’s President, said that the Company has signed a legal-binding term sheet with CAIF III Pte. Ltd. (the Seller) to acquire 40% equity in PetroWind Energy Inc. (PWEI), a major player in the the Wind Energy business, incorporated in the Philippines. PWEI owns an operating 36 megawatts (MW) Wind Power Project and a 14 MW Wind Power Project under development, located in Nabas, Western Visayas Island, the Philippines.
This transaction was made through the acquisition of entire interests in CapAsia ASEAN Wind Holdings Cooperatief U.A. and is expected to be completed within the first quarter of 2017, which will enable BCPG to expect the 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 bank, insurance, education, real estate, and construction. The partners aim to join hands in developing renewable power plants in South East Asia region.
The acquisition of the wind power business in the Philippines reinforces BCPG’s commitment in seeking expansion into other forms of renewable energy, in addition to Solar Power, which is in line with BCPG’s mission to invest, develop and operate green power plants globally with state-of-the-art technology to secure a sustainable and environmentally-friendly business platform.