PetroEnergy announced on Thursday that its board has approved the execution of a term sheet with the Tokyo-based real estate and renewable energy firm covering the latter’s proposed purchase of 6.84 million PetroWind shares. The stock will be sold in a deal worth PHP 1.7 billion (USD 27.3m/EUR 23.6m).The term sheet for the contemplated transaction is expected to be signed on September 2. It will pave the way for negotiating a definitive deal, which will be subject to certain conditions and regulatory clearance. If SMFL’s acquisition is finalised, PetroEnergy and its subsidiary PetroGreen Energy Corporation will hold 25% and 40% stakes in PetroWind, respectively.PetroWind is managing the Nabas wind farm in the Western Visayas region’s Aklan province, which has been generating electricity since 2015 with 36 MW of installed capacity. The site is currently being extended with an additional 13.2-MW second phase.Power your inbox with Renewables Now's 4 free newsletters. Browse and subscribe for free.Earlier this month, PetroEnergy, along with PetroGreen, became the sole owner of PetroWind after buying the 40% it did not already own in the entity for PHP 1.9 billion.(PHP 10 = USD 0.161/EUR 0.139)