Greenenergy, Chinese firm in $1.3-billion joint venture for wind energy projects

MANILA, Philippines -  Greenergy Holdings Inc. has entered into an agreement with Chinese firm Tianjin Tianbao Investment and Development Corp. (TTIDC) that will result in energy investments worth $1.3 billion.

The deal will likewise result in the formation of a joint venture company, details of which will be disclosed at a later date.

In a report, Greenergy said the joint venture would develop wind energy projects with a total capacity of 1,000 megawatts (MW) and an estimated investment of at least $1.3 billion within a 10-year period.

In the first two years alone, the priority of the joint venture is “to invest up to $200 million in wind energy projects,” Greenery said.

“The parties shall plan the establishment of the first turnkey project, a 49.5-MW wind energy project composed of 33 units of 1.5-MW wind mills which is intended to be operational within one year from the time the joint venture vehicle is established,” it added.

Aside from wind energy, the joint venture is also open to making investments in other renewable energy projects such as biomass, solar, hydro and geothermal.

Greenergy Holdings, formerly MUSX Corp., is a holding company engaged in the creation, design, development and manufacturing of specialty semiconductor products. It provides specialty semiconductors to the telecommunications, voice, video and data communications markets worldwide.

It changed its name to Greenergy last June this year as part of its initiative in venturing into other business opportunities apart from the semiconductor business.