CapAsia sells 50MW wind projects in Philippines

The $28.5m transaction will see the Singapore-based fund manager exit from an investment it made in 2014 through its $100m third Asian infra vehicle.

BCPG, the power generation unit of Thai refiner Bangchak Petroleum, has acquired a 40 percent stake in a portfolio of two wind projects in the Philippines from investment firm CapAsia.

The transaction was valued at “no more than $28.5 million”, a regulatory filing said. The portfolio comprises an operating 36MW wind power project and another 14MW facility currently under development.

Singapore-based CapAsia, through CAIF III, its third ASEAN infrastructure vehicle, originally invested in the assets about three years ago. The balance of the equity will remain with Filipino project sponsors PetroGreen Energy (40 percent) and EEI Power Corporation (20 percent). 

“CapAsia is very pleased with our successful partnership with Petrogreen Energy and confirms the sale and purchase terms and conditions of its 40% equity interest in Petrowind with BCPG,” said Devarshi Das, co-chief executive of CapAsia. 

“We were able to work closely with our partner to drive improvements in operations, given our prior wind power investment experience as well as relationships with best-in-class technical and operations experts.  Petrowind is now delivering strong and consistent operating performance and we believe it is positioned for continued success in the future,” he added.  

The acquisition will boost BCPG’s renewable energy portfolio to over 400MW across the region. The Thai company said in February that one of its 2017 ambitions is to expand its presence overseas. In addition to solar, the firm also noted it has “plans in place to expand businesses to other types of renewable energy which are being studied now, such as geothermal, biopower and others in Japan and other countries”. 

CAIF III hit its final close on $100 million in March, targeting operating assets with growth potential and derisked development projects across Southeast Asia. In addition to the Philippine solar, the fund has also invested in a portfolio of four operating toll roads in Indonesia and solar projects in Malaysia.