Korea-based Thebizlink Group has asked Greenergy Holdings Inc. for an extension and renegotiation of a memorandum of agreement related to a $350-million funding for possible projects in Rizal province.
Dated Jan. 30, 2019, the MOA covers plans for a transportation hub and technology-driven farms in Rizal.
Greenergy’s “management is currently reviewing the terms and conditions of the MOA to determine how to proceed thereafter,” the company said in a regulatory filing.
Through the MOA, Greenergy secured a commitment from Thebizlink Group for an initial funding of $350 million intended for various projects including the development of a transport hub that will link Rizal to Metro Manila as well as smart-city commercial and/or mixed-use developments.
In January, the semiconductor firm said the funding would be made available within 90 days, provided that a due diligence on the project that would be conducted by Thebizlink Group does not result in any negative findings.
Greenergy said the funding facility would have a term of five years with a fixed interest of 3 percent per year.
“One of the developments of the project … involves solar-powered smart farms in Rizal province,” Greenergy said. “The technology to be used in said farms will be geared to produce high-quality vegetables for Metro Manila residents all year round.
Also, Greenergy said intended to course the distribution of the farms’ produce through its associate, AgriNurture Inc.
“Thebizlink Korea is also expected to bring in a Korean theme park to complement the tourism aspect of the project,” it added.