usd and usd: Greenergy sells 60% stake in RE firm for P400M

Thursday, April 3, 2014

Greenergy sells 60% stake in RE firm for P400M

8:25 am | Friday, April 4th, 2014

MANILA, Philippines—Publicly listed Greenergy Holdings Inc. has sold its 60-percent stake in renewable energy developer Biomass Holdings Inc. for P400 million.

In a disclosure to the Philippine Stock Exchange on Thursday, Greenergy reported that its equity interest in Biomass Holdings would be acquired by ThomasLloyd Cleantech Infrastructure Fund (formerly Cleantech Projektgesellschaft MBH) or the latter’s designee.

The deeds of sale and assignment are expected to be finalized before the end of June this year.

Biomass Holdings has a 64-percent stake in San Carlos Biopower Inc., which is a developer of the 19-megawatt biomass power plant project in Negros Occidental.

Proceeds from the sale of the interest will be used by Greenergy for other energy projects, company president and CEO Antonio L. Tiu said in a text message yesterday.

According to Tiu, the amount will be used to partly fund the construction of the 25-MW Ozamiz power plant, a wind power project, and a proposed mini hydropower facility.

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This schematic illustration obtained April 3, 2014, courtesy of RR Auction shows a rare original cross-section and plan labeled “S. S. ‘Titanic,’” in the lower left corner and marked “No. 8” in the upper right corner, 30″ x 26″, drawn to a scale of 1/32 inches to one foot, and rubber stamped by Harland and Wolff, with a handwritten date within the stamp of May 1, 1912, just one day before the opening statements were given at the British enquiry, at which this plan was used. RR Auction will feature the Titanic’s original building plans that include hand-drawn notations, used during the official British enquiry into the most devastating maritime tragedy in history in its upcoming Titanic themed auction, later this month. This piece was discovered at the old Cunard Line office, which merged with White Star Line in 1934. Originally sold by Onslow’s in London, on April 15, 1987, the plan then went on display at the Ulster Museum in Belfast. It was then offered at auction by Henry Aldridge & Son, at which time it became a part of a private collection. It has since been on display at the Titanic Museum in Branson, Missouri. AFP PHOTO/RR AUCTION/HANDOUT

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Tags: Business , Energy , Greenergy , renewable energy , Sale

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Thursday, April 3, 2014

Greenergy sells 60% stake in RE firm for P400M

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