Greenergy completes sale of biomass firm stake

In the Philippines, Greenergy Holdings has sold its 60% share in Biomass Holdings.

Biomass Holdings, the venture of Greenergy and investment holding firm Cleantech Projektgesellschaft, last year started building an 18MW sugarcane bagasse-fired renewable energy plant. This project, which is being constructed adjacent to the existing San Carlos ethanol plant, is slated for completion by the end of this year.

ThomasLloyd Cleantech Infrastructure Fund acquired Greenergy's percentage for P400.5 million (€6.8 million).

'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,' Greenergy was reported to have said in its disclosure. '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.'

According to Greenergy, proceeds would be used to fund its future investments.