Greenergy secures $350-M funding commitment from Korea-based group

Greenergy Holdings Inc. has secured a commitment from Korea-based Thebizlink Group for an initial funding of $350 million for various projects including technology-driven farms in Rizal province.

Greenergy said in a regulatory filing yesterday that a memorandum of agreement had been signed with Thebizlink Co. Ltd. and Thebizlink Philippines Inc. involving a package of projects that would also include the development of a transport hub and a commercial and/or mixed-use smart-city.

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 would 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 projects 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 intends to course the distribution of the farms’ produce through its associate, AgriNurture Inc.

Greenergy is also looking at developing a transport hub that will link Rizal to Metro Manila.

“Thebizlink Korea is also expected to bring in a Korean theme park to complement the tourism aspect of the project,” it added.