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Filipino bioenergy projects set to benefit from extra investment

Renewable energy projects are set to benefit as Philippines-based carbon asset management business Greenergy Holdings authorises a raise of its capital stock.

Board approval was obtained in November and the rise will take stock value from PP2 billion (€37.7 million) to PP5 billion.

Greenergy president Antonio Tiu was reported to say that the higher stock would be used ‘to expand renewable energy projects’.

In another deal, Greenergy secured an estimated PP667.5 million investment from Swiss-managed company Cleantech Projektgesellschaft that has been earmarked for a new biomass power plant named San Carlos Biopower.

To be based in the town of Negros, Philippines the new plant is expected to produce up to 18MW of electricity via sugar cane residues and other plantation crops.