Greenergy Invests In S&T Venture

By MYRNA M. VELASCO
March 15, 2012, 11:47pm


MANILA, Philippines — Start-up firm Greenergy Holdings Inc. will be sinking in 100 million Chinese yuan (roughly P680 million) for its expanded ventures on science and technology that shall also cover aspects of renewable energy developments.


The local company, in a disclosure to the Philippine Stock Exchange (PSE), indicated that targeted projects will include renewable energy, solid waste management and environment-friendly products.


For this S&T investment, the company said it will be forming a joint venture with a Chinese firm, but refuses still to reveal its identity at this point. It added that it will particularly target economic zones for said venture.


While the company does not have a single megawatt track record yet on power generation, it indicated that it will soon be forming a subsidiary “to engage in renewable energy for accreditation by the Department of Energy.”


The company has been in the semiconductor business prior to its diversification in energy. Among its immediate plans would be “to enter into agreements with government agencies and local government units on solid waste recycling and biomass generation.”


During President Aquino’s state visit to China last year, Greenergy was among the companies which made noise on its purported $1.3-billion renewable energy investments. The media announcement was made in Manila though via a disclosure at the stock market — and not as part of the Chief Executive’s official business agenda in China.


Based on the project blueprint presented by the publicly-listed firm, the renewable energy capacity it plans to set on stream in the next 10 years will run up to 1,000 megawatts.


Without necessarily naming the areas where it will be siting its facilities, the company noted that its Chinese partner Tianjin Tianbao Investment Development Corporation is keen on prioritizing investments of up to $200 million for wind energy capacity.


Its initial plunge into wind energy generation is for a capacity of 49.5 megawatts. This will entail installation of 33 units of windmills with a generation capacity of 1.5MW each.


The entry of project developers in the installations approved by the DOE may not be as easy though, especially with government leaning that award of such RE contracts must be done by competitive bidding to ensure a level playing field for all.