Zurich-based fund to invest in Tiu's Greenergy

ABS-CBN News

Posted at Aug 16 2012 11:22 AM | Updated as of Aug 16 2012 07:22 PM

MANILA, Philippines - An fund managed by Zurich-based ThomasLloyd Global Asset Management AG is investing P415 million in publicly listed renewable energy firm Greenergy Holdings Inc.

In a disclosure to the stock exchange, Greenergy, headed by Antonio L. Tiu, said it had entered into an investment agreement with Cleantech Projekgesellschaft mbH, a fund managed by ThomasLloyd.

Cleantech will subscribe to 20.77 billion primary shares of Greenergy at an issue price of P0.02 per share or a total of P415.53 million.

"The proceeds of the investment shall be used by the company, thru a new subsidiary it will establish, to invest in the new biomass power plant of San Carlos BioPower, Inc. in the Visayas," Greenergy said.

Additional subscription agreements for P252 million will be finalized by the company within 45 days of closing to complete investment in the San Carlos project.

Greenergy is involved in various renewable energy projects in the Philippines. It is working with China's Tianjin Tianbao Investment and Development Corp. to jointly develop $1.3 billion worth of wind power projects in the Philippines within the next 10 years.