MANILA, Philippines - Swiss firm Cleantech Projekgesellschaft mbH has finalized P415.54-million its investment in Greenergy Holdings Inc. to fund a new company for biomass power project.
In a disclosure to the Philippine Stock Exchange, Greenergy said based on the agreement, Cleantech purchased 20.77 billion primary shares of Greenergy for a total subscription price of P415.54 million.
Two warrant certificates were issued under the American call option covering shares of the company with a strike price of P0.02 per share and P0.03 per share exercisable within one year and three years from issuance, respectively.
Cleantech is a fund managed by the ThomasLloyd Global Asset Management (Switzerland) AG of Zurich.
“The proceeds of the investment shall be used by the company, through a new subsidiary it will establish, to invest in the new biomass power plant of San Carlos BioPower Inc. in the Visayas,” Greenergy earlier said.
In March this year, Greenergy’s board allowed the company to sign deals with any government agencies and local government units for solid waste recycling and biomass generation projects.
In September, Greenergy completed the sale of P25 million worth of shares to foreign private equity fund Southern Field Ltd.
Proceeds of the fundraising will bankroll Greenergy’s investment in Isabela Alcogas Corp., which has an ethanol project in Misamis Occidental.
Greenergy is also in a joint venture with China-based Tianjin Tianbao for the construction of $1.3 billion worth of wind power projects with a total generating capacity of 1,000 megawatts (MW) in the Philippines in the next 10 years.
Initial investment will cost $200 million for a 49.5-MW wind energy project composed of 33 units of 1.5-MW wind mills.