Greenergy to sell stake in Philippines biomass project

Greenergy Holdings is reported to be selling its 60% stake in a company building an 18MW biomass power plant in Negros Occidental, a Philippines province, to a German hedge fund.

The company has agreed to sell its stake in Biomass Holdings, which is developing the P3.5 billion (€56.16 million), bagasse-fired power generation plant, to ThomasLloyd Cleantech Infrastructure Fund GmbH, according to reports.

The project will be built alongside the existing San Carlos Bioenergy ethanol facility on 20 hectares of land, with another five hectares allocated for fuel storage, and is expected to be completed by early 2015.

A certificate of registration was issued to the project in December 2012. The facility will provide both electricity in the Visayas amid an increasing demand for power and an additional source of income to the local farming community.