April 24, 2024
Taisei Corporation

We, Taisei Corporation (CEO: Yoshiro AIKAWA) announce today that we entered into an investment agreement (with an investment ratio of 25%) in Rizal Green Energy Corporation (RGEC), a renewable energy development company in the Philippines, established by PetroGreen Energy Corporation^*1 (PGEC).

RGEC has been developing four solar photovoltaic (PV) power generation projects in the Philippines, with a capacity of 113 MW in total (Dagohoy Project: 27 MW, San Jose Project: 20 MW, Limbauan Project I+II: 41 MW, and Bugallon Project: 25 MW).

In order to achieve inclusive and equitable economic growth, the Philippines is aiming for a safe and sustainable energy supply, with the goal of increasing the share of renewable energy in its power generation mix to 35% by 2030 and 50% by 2040.

The solar PV power generation projects developed by RGEC in the Philippines have been selected for the Joint Crediting Mechanism (JCM) funding support program (subsidy program by the Ministry of the Environment in 2023)^*2 between Japan and the Philippines, contributing to the reduction of greenhouse gas emissions in the Philippines, as well as to the achievement of Japan’s NDC^*3.

We will contribute to the realization of a sustainable society through renewable energy projects by investing in RGEC.

1. *1

   PGEC (PetroGreen Energy Corporation): a Philippine renewable energy producer, 75% owned by PetroEnergy Resources Corporation (a member of the Yuchengco Group), and 25% owned by Kyuden International Corporation (a wholly owned subsidiary of Kyushu Electric Power Co., Inc.).

2. *2

   the Joint Crediting Mechanism (JCM) funding support program (subsidy program by the Ministry of the Environment in 2023): A project to reduce greenhouse gas emissions in developing and other countries, etc. by utilizing leading decarbonization technologies, etc., and to measure, report and verify (MRV). The purpose of the project is to reduce greenhouse gas emissions in developing and other countries, etc., and to contribute to the achievement of greenhouse gas emission reduction targets in our country and partner countries through the JCM. Subsidies will be provided up to 1/2 of the initial investment cost for excellent decarbonization technologies, etc. This facility subsidy project is being implemented in cooperation with the Philippine and Japanese governments.

3. *3

   NDC (Nationally Determined Contribution): Contribution determined by a country to greenhouse gas (GHG) emission reductions (emission reduction targets).