MANILA, Philippines - Listed renewable energy firm Greenergy Holdings Inc. has created a new subsidiary to handle its green energy ventures with a Chinese firm.
In a disclosure, Greenergy said the Securities and Exchange Commission (SEC) approved the incorporation of Winsun Green Ventures Inc.
Winsun, a wholly-owned subsidiary of Greenergy will “engage in energy projects including renewable energy resources.”
In a text message, Greenergy president and chief executive Antonio L. Tiu said the creation of the new firm will facilitate the consolidation of wind power projects.
Greenergy is in a joint venture with China-based Tianjin Tianbao for the construction of $1.3 billion worth of wind power projects with a total generating capacity of 1,000 megawatts (MW) in the Philippines in the next 10 years.
Winsun’s primary purpose is to develop and invest in energy projects, which includes the exploration, development and utilization of renewable energy resources.
It can also use renewable energy resources and operate power assets within or outside the Philippines.
Winsun has an authorized capital stock of P20 million divided into 20 million shares at a par value of P1 apiece, said Greenergy, which subscribed to P4.99 million worth of shares in the new firm.
Under the joint venture, China Power and Greenergy will create a joint working committee to conduct final due diligence for planned power projects.
Initial investment will cost $200 million for a 49.5-MW wind energy project composed of 33 units of 1.5-MW wind mills.
Greenergy is also looking at solar power, geothermal energy and hydroelectric power projects here and abroad.
Greenergy, which already doubled its authorized capital stock to P2 billion, committed to invest 100 million yuan (around P672 million) to finance start-up science and technology firms and make their innovations commercially available.
The company was incorporated as Music Semiconductors Corp. in 1992 to engage in the creation, design, development and manufacture of specialty semiconductor products and to market and sell the same to customers worldwide.