Greenergy owners okay equity infusion

MANILA, Philippines - Renewable energy firm Greenergy Holdings Inc. has secured shareholder approval for various equity infusion deals that generated more than P1 billion in fresh capital.

The company will undergo a corporate restructuring involving an increase in authorized capital stock and a change in name.

In a disclosure, Greenergy said stockholders allowed the issuance of primary common shares and warrants.

Specifically, the approval finalized Earthright Holdings Inc.’s purchase of 25 billion shares at P0.01 apiece for a total transaction value of P250 million in March and fund manager Southern Field Ltd.’s (BVI) purchase of 2.5 billion shares worth P25 million in July.

Greenergy also sold 20.776 billion shares worth P415.537 million to Cleantech Projekgesellschaft mbH, a fund managed by the ThomasLloyd Global Asset Management (Switzerland) AG of Zurich.

Shareholders also approved the issuance of 25.2 billion primary common shares worth P252 million to private investors late in October and 8.5 billion shares worth P85 million to various investors last month.

In yesterday’s annual stockholders’ meeting, Greenergy secured shareholder approval to change its name to Green Capital Holdings Inc. and increase the authorized capital stock to P5 billion from P2 billion.

Early this month, Greenergy and Cleantech spent P667 million to acquire a 64 percent stake in San Carlos Biopower Inc., the proponent of the 18-megawatt (MW) biomass power generation plant in Negros Occidental.

In March, Greenergy’s board of directors allowed the company to sign deals with government agencies and local government units for solid waste recycling and biomass generation projects.

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 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.