Energy firm increasing capitalization

Publicly listed Greenergy Holdings Inc. on Monday said it would increase its authorized capital stock to P2 billion from the current P1 billion.

Greenergy Holdings (formerly Musx Corp.) reported in a disclosure to the Philippine Stock Exchange that its board had already approved the proposed amendment to the corporation’s articles of incorporation for the purpose of increasing the authorized capital stock.

The board also approved a move to obtain stockholders’ approval for a plan to invest corporate funds in another company or business under joint venture or partnership arrangements.

Greenergy plans to invest at least $1.3 billion in developing wind power projects in the Philippines over the next 10 years.

It earlier said it had teamed up with China-based Tianjin Tianbao Investment and Development Corp. (TTIDC) for a joint development, funding and operation of renewable energy projects.

The two agreed to establish a joint venture to plan the development of the wind energy projects that could generate at least 1,000 megawatts.—Amy R. Remo