MANILA, Philippines — Greenergy Holdings Inc. has announced plans to borrow as much as P5 billion from banks.
In a stock exchange filing, Greenergy said its board has authorized the application to secure up to P5 billion loan or other credit facility with banks or other financial institutions under such terms and conditions as may be beneficial to the company.
Greenergy earlier said it would focus on its core investments and projects in renewable energy and sustainable community development.
The company in October terminated a memorandum of agreement signed in 2021 with Abacore Capital Holdings Inc. to develop and operate a logistics and food terminal in Batangas, which was supposed to be a facility for agricultural produce so that these products would remain safe and fresh before they are distributed to their respective local and international markets.
Greenergy, through its wholly owned subsidiary Winsun Green Ventures Inc. (WGVI), early this month executed a memorandum of agreement with WRS Holding Inc. and Scheirman Construction Consolidated Inc. for the design of the solar panel system and other green components of a housing project in Bacolod City.
The mixed-use integrated infrastructure for housing and sustainable community will have at least 20,000 residential units.
Under the agreement, WGVI will also assist in the marketing and selling of the housing units of the project.