Greenergy to buy 50 per cent of biofuel manufacturer

Renewable energy company Greenergy will invest PHP25m ($586,375) to acquire a 50 per cent stake in Isabela Alcogas Corp, a manufacturer of ethanol and other biofuels.

Isabela Alcogas has plans of setting up a cogeneration bioethanol and power plant in a 15,000ha plot and is currently finalizing details for the ethanol plant.

It had formed a joint venture with Chinese firm Tianjin Tianbao Investment and Development Corp to put up renewable energy projects.

Greenergy intends to invest a total of $1.3bn in renewable energy projects, out of which $200m will be allocated to wind projects and will also look into biomass, solar power, geothermal energy and hydroelectric power.

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