Manila Times.net
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GREENERGY Holdings Inc. has partnered with a Chinese firm for the development of wind energy projects in the Philippines.
In a disclosure to the Philippine Stock Exchange, Greenergy Holdings executed a memorandum of agreement with Tianjin Tianbao Investment and Development Corp. for the development, funding and operation of renewable energy projects in the country.
Upon the establishment of a joint venture vehicle, the companies will invest at least $1.3 billion within a 10-year period. Of the total amount, $200 million will be spent in the first two years for wind energy projects.
The partnership aims to put up projects with a capacity of at least 1,000 megawatts.
Greenergy Holdings and its Chinese partner will also develop their first turnkey project, a 49.5-megawatt wind energy project composed of 33 units of 1.5 megawatt wind mills. The project is expected to start operating within a year from the time the joint venture company is established.
While wind projects will be the priority of the partnership in the first two years, Greenergy Holdings said the joint venture may consider other renewable projects such as, but not limited to, bio-mass, solar, hydro, and geothermal.
Antonio Tiu, Greenergy Holdings chairman and chief executive, was granted the authority to enter into and execute the agreement with TTIDC.
Formerly MUSX Corp., the semiconductor firm was renamed Greenergy Holdings to reflect its new business direction. Tiu, who also chairs AgriNurture Inc., bought into Greenenergy Holdings following a private placement transaction.
As part of its initial foray into the field of renewable energy, the company approved a deal in June to purchase 51 percent of Total Waste Management Recovery System, Inc. Greenenergy Holdings would infuse up to P25 million in advances to the waste management company as additional working capital.
Greenenergy Holdings’ shares rose to P0.011 on Wednesday from P0.0099 each Friday last week.
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