Greenergy sells RE stake to Euro firm
MANILA, Philippines–Listed firm Greenergy Holdings Inc. unloaded its majority stake in a joint venture renewable energy firm to raise funds for future acquisitions.
In a disclosure to the Philippine Stock Exchange, Greenergy said it formalized the sale of its 60-percent equity interest—equivalent to 600 million common shares—in Biomass Holdings Inc. (BHI), a joint-venture company of Greenergy and Europe’s ThomasLloyd Cleantech Infrastructure Fund GmbH (CTF).
The total purchase price for the 60-percent stake is P400,522,380 and it will be paid in cash, Greenergy said.
Greenergy said it executed a deed of absolute sale covering its 300 million fully paid common shares in BHI for P300 million.
The Filipino company also signed a deed of assignment of subscription covering 300 million partially paid common shares in BHI worth P100.52 million.
“CTF shall assume payment of the balance of the subscription to BHI,” Greenergy said.
Article continues after this advertisementIt was in March that Greenergy first said it had agreed to sell its 60-percent stake in BHI to the European firm.
Article continues after this advertisementBHI holds a 64-percent stake in San Carlos Biopower Inc., which is undertaking the $85-million, 19.99-megawatt San Carlos BioPower project in the San Carlos Agro-Industrial Economic Zone on the eastern coast of Negros Occidental.
The ThomasLloyd Group’s four biomass projects in the Philippines are the $85-million 19.99-megawatt San Carlos BioPower project, $114-million 25-megawatt South Negros BioPower project, $130-million 29.99-megawatt Central Tarlac BioPower project, and the $114 million 24.99-megawatt North Negros Biopower project, which is up for financial closing.
T.U. Michael Sieg, ThomasLloyd Group’s chair and CEO, said the group’s investments were all committed through the ThomasLloyd Cleantech Infrastructure Fund.
The ThomasLloyd Group first invested in San Carlos BioPower, which began construction in April 2013 and is expected to deliver 140 million kilowatt-hours to the Visayas grid by early 2015. The Visayas grid’s power supply is wearing thin, and Negros Occidental is presently sourcing 80 percent of its energy requirement from different power plants in Cebu province.
