Quantcast
Latest Stories

Greenergy to cash in on China ventures

By

MANILA, Philippines—Publicly listed Greenergy Holdings Inc. expects to start earning from its aggressive expansion program in China by the third quarter this year.

Company president and CEO Antonio L. Tiu told the Inquirer Thursday in an interview that Greenergy’s first venture in China involves plants that will produce a combined four megawatts.

Capacity will expand in the coming years with 15 new biomass energy plants to be built in Heilongjiang province.

Tiu said Greenergy was set to acquire a majority stake in Zhongshe Renewable Energy Corp., which has four biomass facilities producing 1 MW each.

“We recently signed the term sheet and are now conducting due diligence,” Tiu said.

The deal may be completed in the third quarter, Tiu said. The biomass business in China is thus expected to start contributing to Greenergy cash flow toward the end of the year.

Following the acquisition in the third quarter, Greenergy will lead the development of 15 more biomass projects that will be built all over the province. The biomass energy projects are being undertaken in synergy with the Heilongjiang Beidahuang Seed Group Co. Ltd.

Beidahuang’s farming business will provide the rice hull to be fed to Zhongshe’s biomass facilities.

The Beidahuang Group is the Chinese partner of publicly listed agribusiness firm AgriNurture Inc., an affiliate of Greenergy.

The Chinese group and ANI formed Beidahuang Philippines to grow high-yielding rice varieties in the Philippines.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , China , Energy , expansion program , forecasts , Greenergy Holdings , Philippines

  • koolkid_inthehouse

    They want investors from the Philippines? The company head office in China and accounting is also in China? Are they listed in the PSE and how the h3ll can you check if they’re not cooking the book?



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 2 killed in apparent Bahrain car bombing
  • SC suspends proctor in 2011 bar exams
  • At barricades, Ukraine insurgents await Easter
  • Solons seek ample protection for bank depositors
  • Tragedies at sea: The Sewol and the Costa Concordia
  • Sports

  • Tottenham beats Fulham 3-1 in Premier League
  • Martino defends Messi, takes blame for Barca fail
  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace