WIND POWER PROJECTS BY GREENERGY

         It has been reported earlier that Greenergy Holdings is determined to invest at least  $1.3 billion or Php 55 billion based on the prevailing exchange rate – to develop wind power projects in the Philippines for the next 10 years. It was known that it had teamed up with China-based Tianjin Tianbao Investment & Development Corporation (TTIDC) for a joint development, funding and operation of the proposed renewable energy projects. A memorandum of agreement was earlier signed by the two parties.

          Based on the said agreement, the two companies will establish a joint venture vehicle to plan the development of wind energy projects that could generate at least 1,000 megawatts. An initial investment of $200 million for the projects is expected to be infused within the first two years.

          It is also stated in the agreement that the parties would plan the establishment of the first turnkey project, a 49.5-megawatt (MW) wind energy project composed of 33 units of 1.5-MW wind mills. The project is expected to start operation within one year from the time the joint venture was established, as Greenergy Holdings reported. However, the company did not identify the possible sites it was eyeing for the wind projects

          It will be noted that in a disclosure to the Philippine Stock Exchange by Greenergy Holdings, its board had approved the capitalization of the renewable energy company and authority was granted to them “to make deposits for future subscription of up to Php 300 million.”

          In the MOA, parties concerned may also consider other renewable projects such as biomass, solar, hydro and geothermal energy, but they will prioritize the wind energy projects.# Alerto Research Team