Japan firm buying 35% stake in PetroWind Energy

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August 28, 2026 | 12:00am

MANILA, Philippines — After buying out its Thai partner, the Yuchengco Group plans to welcome Tokyo-based SMFL Mirai Partners Co. Ltd. (SMFL-MP) as a new investor in PetroWind Energy Inc. (PWEI).

In a regulatory filing yesterday, Yuchengco-led PetroEnergy Resources Corp. (PERC) said its board of directors approved the execution of a term sheet with SMFL-MP for the proposed sale of 6.84 million common shares or 35 percent of PWEI for P1.7 billion.

The term sheet, which will set out the key terms serving as the basis for negotiating and finalizing the proposed transaction, is expected to be signed on Sept. 2.

The deal’s closing is subject to the execution of the definitive agreements, fulfillment of conditions precedent and the receipt of required corporate and regulatory approvals, including clearance from the Philippine Competition Commission.

Following the transaction, PERC’s stake in PWEI will fall to 25 percent, while its subsidiary PetroGreen Energy Corp. will retain a 40-percent interest.

The planned entry of SMFL-MP into PWEI comes just weeks after the Yuchengco Group took full ownership of the wind venture, following its acquisition of Thailand-based BCPG Public Co. Ltd.’s 40-percent stake for P1.9 billion.

PWEI operates the 49.56-megawatt Nabas-1 and Nabas-2 wind power projects in Aklan.

Completed in 2015, Nabas-1 currently generates 36 MW of clean power, while the 13.56-MW Nabas-2 is in the final stretch toward commercial operations.

In the first half, PERC delivered an attributable net income of P328 million, up by 30.54 percent from P251 million.

Consolidated earnings rose by seven percent to P498 million from P464 million, while revenues grew by eight percent year-on-year to P2.16 billion.

The growth was attributed to the continued expansion of the company’s renewable energy portfolio and stronger oil operations.