Greenergy Holdings Inc. of businessman Antonio Tiu has teamed up with Chinese multinational company Hanergy Thin Film Power Asia Pacific Ltd. to distribute solar powered products in the Philippines.
Greenergy said in a disclosure to the stock exchange it was appointed as Philippine distributor of solar-powered related products of Hanergy.
The exclusive distributorship comes at a time when the Philippines has a shortage of electricity, said Greenergy chairman Antonio Tiu
“This tie-up is very timely as the company will be in a position to provide immediate solution in the metropolis to the current power crisis by expanding capacity with clean, renewable energy using thin film,” said Tiu.
“The thin-film technology of Hanergy allows us to harness solar power not just through solar panels on rooftops of buildings, which presents a limited space, but also on all windows of the buildings. This will now allow high-rise buildings to have a significant part of its electricity needs supplied by solar power,” he added.
Greenergy under the agreement will promote and sell all Hanergy solar products, including the new and innovative Film Flat SOLARtile. The agreement covers one year with an option to renew upon expiration of the original term.
Hanergy group is the world’s leading thin-film solar power company. Established in 1994, the company is headquartered in Beijing with a total of 15,000 employees.
It has branches in provinces acorss China, as well as in the Americas, Europe and the Middle East, Asia-Pacific and Africa, with core businesses covering hydropower, wind power and thin-film solar power.
Greenergy last week approved an additional investment of P100 million to unit Winsun Green Ventures Inc. to finance the foray to solar and liquefied natural gas projects.
Greenergy in 2010 decided to explore business opportunities pertaining to the field of renewable energy.