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MANILA - Greenergy Holdings Inc. has partnered with a Dutch firm for the joint development of hydro power projects.
In a disclosure to the Philippine Stock Exchange, Greenergy said it signed a preliminary agreement with Hydroring Capital BV for the "development, operation and management of multiple hydropower projects, infrastructures and/or facilities in the Philippines."
The Hague-headquartered company had developed a hydropower concept based on a portfolio of proprietary turbine innovations with a variety of value-added components.
Greenergy aims to use the "Hydroring" concept to provide "affordable access to environmentally friendly and sustainable sources of renewable energy," it said.
Under the terms of the deal, Greenergy and HC will form a joint venture company that will spearhead their business in the country.
The joint venture will be under a 60-40 equity arrangement in favor of Greenergy, and will have an authorized capital stock of about four million euros.
The proposed tie up is subject to the conduct of a financial and technical feasibility study and due diligence and the execution of definitive agreements between the two parties within 121 days.
Formerly MUSX Corp., the semiconductor firm was renamed Greenergy to reflect the company’s new business direction after Antonio Tiu, who also chairs AgriNurture Inc., acquired it.
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