MANILA, July 1 (PNA) — Greenergy Holdings Incorporated has fully sold their dominating stake of 60 percent in Biomass Holdings Inc. to Thomas Lloyd Cleantech Infrastructure Fund, based on a disclosure with the Philippine Stock Exchange (PSE) Tuesday.
”The company wishes to inform the investing public that it has received the total consideration for its interest in Biomass Holdings Inc,” Greenergy Holdings Incorporated said Monday.
In a previous disclosure, Greenergy Holdings Incorporated noted that the sale consists of the majority 60 percent stake of the company at approximately 400 million PHP to be fully completed on June 30. Both companies had formerly owned Biomass Holdings Inc through a joint venture agreement, with the ThomasLloyd group holding only 40 percent of the company.
Formerly, the Greenergy Holdings Incorporated said that it will make the sale publicly known once the execution of the pertinent deeds of sale and assignment are completed.
The 19.99 Megawatt (MW) San Carlos Biomass Power Plant, which is one of Biomass Holdings Inc’s projects under San Carlos BioPower Inc, will utilize power from the Negros region’s sugarcane residue coming from its farming lands. It will be functional in the first quarter of 2015, charging at P6.63 per kilowatt hours.
Three more biomass projects from San Carlos BioPower Inc. are expected to start construction from the period of 2014 through 2015.
Not new to energy investments in the Philippines, the ThomasLloyd firm has also invested in the San Carlos Solar Energy Farm also located in Negros Occidental. (PNA)