Greenergy completes sale of P25-M shares

Listed renewable energy firm Greenergy oldings Inc. has completed its sale of 25 million worth of shares to a foreign private equity fund.

Greenergy and Southern ield Ltd. have e ecuted yesterday the subscription agreement pertaining to the latter s subscription to 2.5 billion common shares of the corporation at par value of 0.01 per share,” the energy firm said in a disclosure.

Last month, the board of directors of Greenergy approved the sale of shares to Southern ield.

Greenergy president and chief e - ecutive Antonio L. iu earlier said that proceeds of the fundraising will ban roll Greenergy s investment in a local biofuel firm.

Greenergy is finalizing its entry into Isabela Alcogas orp., which has an ethanol pro ect in Misamis ccidental. Greenergy will buy 25 million worth of shares in Alcogas, with an option to increase it to 50 million.

Alcogas engages in the manufacturing and trading of goods li e ethanol and other biofuels.

Sister firm AgriNurture Inc. already bought 25 million worth of Greenergy shares early last month. Southern ield is a shareholder in AgriNurture.

Greenergy is in a oint venture with hina-based ian in ianbao for the construction of 1.3 billion worth of wind power pro ects with a total generating capacity of 1,000 megawatts M in the hilippines in the ne t 10 years.

Initial investment will cost 200 million for a 4 .5-M wind energy pro ect composed of 33 units of 1.5-M wind mills. iu said the funds will be spent in the ne t si to eight quarters.

he company was incorporated as Music Semiconductors orp. in 1 2 to engage in the creation, design, development and manufacture of specialty semiconductor products and to mar et and sell the same to customers worldwide.