PetroEnergy Resources Corporation (PERC) has agreed to divest a major portion of its wind energy unit to Japan-based SMFL Mirai Partners Co. Ltd. in a transaction valued at ₱1.7 billion.
In a regulatory disclosure filed with the Philippine Stock Exchange on Thursday, August 27, PERC revealed that its board approved the sale of 6.8 million common shares—representing a 35% stake—in PetroWind Energy Inc. to the Japanese firm. A preliminary term sheet detailing the share purchase and shareholder arrangements is scheduled to be executed on September 2.
Following the completion of the sale, PetroWind will transition into a three-way partnership. PERC’s renewable energy arm, PetroGreen Energy Corporation, will hold the primary share of 40%, SMFL Mirai Partners will hold 35%, and PERC will directly maintain a 25% stake.
The agreement remains subject to customary closing conditions, final documentation, and regulatory reviews, which may involve the Philippine Competition Commission.
“Upon completion of the proposed transaction, the shareholding in PWEI is expected to be as follows: PetroGreen Energy Corporation-40 percent; PERC-25 percent; and SMFL-MP-35 percent,” the company outlined in its disclosure.
The foreign capital injection coincides with PetroWind expanding its clean power assets across the Philippines. The company recently completed a 13.56-megawatt expansion of its Nabas-2 wind project in Aklan and secured a compliance certificate for the 33.831-megawatt-peak Limbauan solar facility in Isabela.
Additionally, PetroWind is constructing a dedicated point-to-point transmission system for its 25-megawatt-peak Bugallon solar development in Pangasinan to connect it directly to the national grid, enhancing overall commercial output.
For the first half of the year, PERC recorded a consolidated net income of ₱240.6 million, marking a 14% year-on-year decline driven primarily by lower crude oil production from its West African operations.
However, increased power generation from the Nabas wind farm and initial contributions from the Limbauan solar plant helped buffer the financial dip through stronger domestic renewable sales.