Firm scraps solar-powered smart farms project

Greenergy Holdings Inc. has scrapped plans to build a pipeline of projects in Rizal province as a prospective deal with landowners fell through because of the pandemic.

Greenergy said in a disclosure to the Philippine Stock Exchange that there has been a mutual agreement with the landowners as well as RYM Business Management Corp. to call off a memorandum of agreement (MOA) signed on July 17, 2019.

“The parties have decided to no longer pursue the transaction contemplated under the MOA due to the impact of the COVID-19 pandemic, the resulting prolonged community quarantine and the effect thereof on real estate property businesses,” Greenergy said.

“Moving forward, [the company] will focus on its core investments and projects in the areas of food and agriculture, medicinal hemp production, digitization projects and development of green infrastructures,” the company added.

Under the MOA, properties in Rizal and other areas would be invested, infused and contributed to Prime Media Holdings Inc., the biggest shareholder of which is RYM.

This was to be in exchange for primary common shares to be issued from Prime’s unissued authorized capital stock. The investment was subject to verification and validation by RYM of the titles and ownership rights of the landowners.

Also in 2019, Greenergy signed a MOA with South Korea-based Thebizlink Group for the financing of a planned transportation hub as well as technology-driven farms in Rizal.

One of the developments of the project involved solar-powered smart farms in Rizal province and the technology to be used in these farms would be geared to produce high-quality vegetables for Metro Manila residents all year round.

But this agreement also fell through as Thebizlink failed to comply with its obligations under the MOA within the agreed time frame.