Greenergy Holdings to invest big in Pilipino biofuels company

Public-listed Greenergy Holdings has confirmed a planned PHP25 million (€476,550) investment in a local Philippines biofuel company Isabela Alcogas.

Greenergy’s board of directors disclosed to the Philippine Stock Exchange that the company had the ‘green light’ to subscribe the PHP25 million worth of Isabela Alcogas shares, with authority to even go up as high as PHP50 million.

Isabela Alcogas manufactures and trades biofuels including ethanol and is planning to build a new cogeneration bioethanol and power plant on 15,000 hectares of land acquired through ‘usufruct’ rights.

The investment by Greenergy is part of a 10-year, $1.3 billion (€1.03 billion) project to invest in renewable energy projects throughout the Philippines, including an MoU signed with China-based Tianjin Tianbao Investment and Development for joint wind activities.