Monday, 26 March, 2012 Written by Lailany P. Gomez
Publicly-listed Greenergy Holdings Inc. said Monday its board approved the capitalization of a prospective renewable energy company that it will fully own.
Greenergy said in a disclosure to the Philippine Stock Exchange it agreed to deposit up to P300 million in capitalization for future subscription and the opening of bank accounts with Banco de Oro Unibank Inc. and Central Equity Rural Bank Inc.
The approval came two weeks after Greenergy disclosed to the PSE that its board approved the decision of Tianjin Tianbao Investment and Development Corp. to assign an earlier agreement to affiliate China Power New Energy Development Co. Ltd.
The Greenergy board granted China Power the authority to sign agreements in relation to the creation of a joint working committee to conduct final due diligence for planned power projects.
Greenergy last year signed an agreement with Tianjin to develop at least 1,000 megawatts of wind projects with investments of up to $1.3 billion over the next 10 years.
Greenergy said the company would initially invest $200 million in a 49.5-MW wind project within the first two years.
Greenergy was incorporated as Music Semiconductors Corp. on Jan. 29, 1992 to engage in the creation, design, development and manufacture of specialty semiconductor products.
(Published in the Manila Standard Today newspaper on /2012/March/27)
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