MANILA, Philippines - Greenergy Holdings Inc. has completed the sale of its 60 percent interest in Biomass Holdings Inc. to ThomasLloyd Cleantech Infrastructure Fund GmbH.
In a disclosure to the Philippine Stock Exchange yesterday, Greenergy said it has received P400.5 million for the sold stake.
“Out of the 600 million common shares subscribed by the company, 300 million common shares were fully paid and 300 million common shares were partially paid. This disclosure is made to inform the investing public of the receipt by the Company of the total consideration for its interest in Biomass Holdings Inc.,” Greenergy said in its disclosure.
The company said proceeds would be used to fund its future investments.
Biomass Holdings is the joint venture of Greenergy and Cleantech that holds their investment in San Carlos Biopower Inc.
In April last year, San Carlos BioPower broke ground for an 18-megawatt bagasse-fired power plant in Negros Occidental.
The project is targeted for completion in December 2014.
Biomass facilities are becoming more popular. These facilities produce clean renewable energy out of human, plant or animal waste. Sugar mills, meanwhile, produce large amounts of bagasse as waste, which in turn can be used to produce fuel for the biomass plants.
The San Carlos biomass project will be built alongside the existing San Carlos Bionergy ethanol facility.
The project is seen to boost electricity supply in the Visayas region.
Furthermore, the biomass project is seen to provide additional source of income for local farmers.
Greenergy, through its Biomass Holdings Inc. earlier released P667.527 million to San Carlos Biopower, representing its equity interest in the company.