Greenergy pursues plan to acquire ethanol firm

MANILA, Philippines - Greenergy Holdings Inc. will push through with its plan to acquire Isabela Alcogas Corp., a top company official said.

Greenergy chairman George Uy said their board has approved the purchase of Alcogas, which has an ethanol project in Misamis Occidental.

Uy said the board’s approval is in line with the stockholders’ approval on Dec. 23, 2010 to negotiate with third parties for possible mergers, acquisitions and the creation of subsidiaries.

The company’s stockholder’ approved in the same meeting the agreement with Tianjin Tianbao Investment Development Corp. of China for the establishment “of a joint venture vehicle for the development, funding and operation of renewable energy projects.”

Earlier, Greenergy reported that it has entered into an agreement with Tianjin Tianbao to develop at least 1,000 megawatts (MW) of wind projects that would entail investments of up to $1.3 billion over the next 10 years.

Greenergy said the company will initially invest $200 million in wind energy projects within the first two years.

“The parties shall plan the establishment of the first turnkey project, a 49.5-megawatt wind energy project composed of 33 units of 1.5-megawatt wind mills which is intended to be operational within one year from the time the joint venture vehicle is established,” it said.

“The parties may consider other renewable projects such as, but not limited to, biomass, solar, hydro, geothermal energy, but the priority for the first two years of joint venture vehicle shall be wind energy projects.”

Greenergy was incorporated as MUSIC Semiconductors Corporation on Jan. 29, 1992 to engage in the creation, design, development and manufacture of specialty semiconductor products and to market and sell the same to customers worldwide.

The company became a holding company until 2003, when it reverted to its prior state, being a semiconductor operating company. The company changed its name in 2008 to MUSX Corp., then to Greenergy in June this year.