Greenergy finalizes entry into ethanol business in the Philippines

The publicly-listed renewable energy firm Greenergy Holdings Inc. has finalized its entry into the ethanol business in the Philippines, after reportedly having executed a subscription agreement with Isabela Alcogas Corp., a trader of ethanol and other biofuels, for PHP25 million (US$609,000) worth of common shares at par value of PHP1 per share (US$ 0.02), which is equivalent to 25 million primary common shares. The company still has an option to fully own the ethanol firm if it invests an additional PHP25 million (US$609,000).
Greenergy is in a joint venture with China-based Tianjin Tianbao for the construction of US$1.3 billion worth of wind power projects with a total generating capacity of 1,000 megawatts (MW) in the Philippines within the next 10 years. Initial investment will cost US$200 million for a 49.5-MW wind energy project composed of 33 units of 1.5-MW wind turbines. Greenergy is scouting around for more solar power, geothermal energy and hydroelectric power projects here and abroad. (October 3, 2012)