Manila Standard Today
Greenergy Holdings Inc., formerly MUSX Corp., has signed an agreement with Tianjin Tianbao Investment and Development Corp. of China to develop at least 1,000 megawatts of wind projects with investments of up to $1.3 billion over the next 10 years.
Greenergy disclosed to the Philippine Stock Exchange Wednesday that its board approved the deal with Tianjin Tianbao of China for a possible joint venture in renewable energy projects.
The company said the joint venture planned to develop wind energy projects in the Philippines with a capacity of at least 1,000 megawatts and an estimated investment of at least $1.3 billion within a 10-year period.
Greenergy said the company would initially invest $200 million in wind energy projects within the first two years for a 49.5-MW wind project.
“The parties shall plan the establishment of the first turnkey project, a 49.5-megawatt wind energy project composed of 33 units of 1.5-megawatt wind mills, which is intended to be operational within one year from the time the joint venture vehicle is established,” it said.
The company did not disclose the location of the project.
“The parties may consider other renewable projects such as, but not limited to, bio-mass, solar, hydro, geothermal energy, but the priority for the first two years of joint venture vehicle shall be wind energy projects,” it said.
The board granted authority to businessman Antonio Tiu, the chairman and chief executive of GreenEnergy, to enter into and execute the agreement with the Chinese partner.
Greenergy was incorporated as MUSIC Semiconductors Corp. on Jan. 29, 1992 to engage in the creation, design, development and manufacture of specialty semiconductor products and market and sell the same to customers worldwide. Alena Mae S. Flores
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