The board of listed Greenergy Holdings Inc. approved the additional investment of P100 million in Winsun Green Ventures Inc. to finance its foray into solar and liquefied natural gas projects.
“The company wishes to inform the Exchange and the investing public that its Board of Directors approved the Company’s additional investment of up to P100 million in its subsidiary, Winsun Green Ventures Incorporated, to finance the latter’s “green” projects involving solar power and liquefied natural gas (LNG),” Greenergy said.
The company did not disclose further details. An official of the Department of Energy said Winsun had not submitted any LNG project proposal to date.
Greenergy decided to explore business opportunities in renewable energy in 2010.
The company agreed to the establishment of a $1.3-billion joint venture project with Tianjin Tianbao Investment and Development Corp. of China in 2011.
The partnership plans to engage in wind energy projects amounting to $200 million as priority, and other subsequent renewable energy projects such as bio-mass, solar, hydro and geothermal energy.
The company has also agreed to acquire 51 percent of Total Waste Management Recovery System Inc., a domestic company engaged in the business of building, operating and managing waste recovery facilities and waste management systems within the Philippines.
In 2012, the company established certain subsidiaries to further mark its venture into the field of renewable energy. These are Winsun and the 60 percent-owned Biomass Holdings, Inc.
Biomass Holdings is the product of the company’s partnership with Cleantech Projektgesellschaft mbH, a German fund managed by the ThomasLloyd Global Asset Management (Switzerland) AG of Zurich. It serves as the joint venture vehicle of the parties in their investment transactions in the biomass power plant of San Carlos BioPower Inc. in Negros Occidental province. Alena Mae S. Flores