MANILA, Philippines—Publicly listed Greenergy Holdings Inc. has sold its 60-percent stake in renewable energy developer Biomass Holdings Inc. for P400 million.
In a disclosure to the Philippine Stock Exchange on Thursday, Greenergy reported that its equity interest in Biomass Holdings would be acquired by ThomasLloyd Cleantech Infrastructure Fund (formerly Cleantech Projektgesellschaft MBH) or the latter’s designee.
The deeds of sale and assignment are expected to be finalized before the end of June this year.
Biomass Holdings has a 64-percent stake in San Carlos Biopower Inc., which is a developer of the 19-megawatt biomass power plant project in Negros Occidental.
Proceeds from the sale of the interest will be used by Greenergy for other energy projects, company president and CEO Antonio L. Tiu said in a text message yesterday.
According to Tiu, the amount will be used to partly fund the construction of the 25-MW Ozamiz power plant, a wind power project, and a proposed mini hydropower facility.