Manlla Standard Today
By | Mar. 19, 2014 at 12:01am
Greenergy said in a disclosure to the stock exchange it agreed to sell its stake in Biomass Holdings Inc. to ThomasLloyd Cleantech Infrastructure Fund GmbH (formerly Cleantech Projektgesellschaft mbH).
Biomass Holdings is the investment company of San Carlos BioPower Inc., which is developing a P3.5-billion, 18-megawatt bagasse-fired power generation project in San Carlos City, Negros Occidental. The project is expected to be completed by early 2015.
Greenergy said together with ThomasLloyd, they “agreed in principle on the sale by Greenergy of its 60 percent in Biomass Holdings.” It did not provide other details.
Biomass Holdings, a subsidiary of Greenergy, acquired a 64-percent equity interest in San Carlos BioPower for P667.527 million last year.
“The definitive agreements, which shall contain the final terms and conditions of the transaction, are in the process of being finalized. Greenergy shall make the necessary disclosure upon execution of the definitive agreements,” it said.
The biomass plant will be built alongside the existing San Carlos Bionergy ethanol facility. The main power plant and associated infrastructure will be built on 20 hectares of land. Another five hectares will be allocated for fuel storage.
The facility will provide electricity in the Visayas amid an increasing demand for power and will provide an additional source of income to the local farming community.
The Board of Investment already issued a certificate of registration to the San Carlos BioPower project on Dec. 21, 2012. The Energy Department confirmed on Feb. 13, 2013 said the project satisfactorily met the requirements to avail of the feed-in tariff rates.
Greenergy also announced last year it was conducting legal, financial and environmental due diligence on Zhonghe Renewable Energy Corp. in Heilongjiang, China which owns four biomass power plants in Heilongjiang province.
Zhonghe Renewable is also the partner of China’s biggest agricultural firm BeiDaHuang in converting its agricultural waste products into energy for the province.
“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 satisfactorily based on the analysis of the company’s legal, financial and operations advisers,” it said. source
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