Business Mirror
Published on Thursday, 23 May 2013 20:02 Written by VG Cabuag
GREENERGY Holdings Inc. on Thursday said it is conducting due diligence in China’s Zhongzhe Renewable Energy Corp. for a possible majority stake.
Zhongzhe has four biomass power plants in Heilongjiang province. It is the partner of China’s biggest agricultural firm BeiDaHuang in converting agricultural waste products into energy.
“Definitive and binding agreements that would allow the company to acquire 60-percent equity interest in Zhongzhe shall only be executed after the completion of the due diligence and the results thereof are satisfactory based on the analysis of the Company’s legal, financial and operations advisers,” Greenergy said in its disclosure to the Philippine Stock Exchange.
“The proceeds from the company’s proposed capital infusion shall be used by Zhongzhe to expand its biomass power generating capacity to at least 15 megawatts [MW].”
Greenergy also executed a subscription agreement for the issuance of 17.6 billion primary common shares.
The company began its operation as a semiconductor industry but in 2011 ventured to renewable energy.
To date, its sole business is on semiconductor business, but its San Carlos BioPower Inc. is building an 18-MW biomass power plant in Negros Occidental and is targeted to be completed by December next year. The power plant is expected to go on stream next year. source
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