PH regulator OKs Greenenergy’s $8b investment in RE unit

The certificate of approval was issued on 24 June.

The Philippines’ Greenenergy Holdings Inc. announced that it has completed its $8b (PHP480m) investment into its subsidiary Winsun Green Ventures Inc. (WGVI) after it was approved by the Securities and Exchange Commission. 

In a bourse filing, Greenenergy said the investment includes 480 million shares priced at $0.017 (PHP 1) apiece.

“The transaction will strengthen the position of the company in renewable energy and sustainable community projects,” Greenenergy said. 

The company’s board of directors approved the subscription of the shares in September 2022. 

An initial payment of $3.14m (PHP185m) was made last year, whilst the balance is payable within 60 calendar days from the subscription date. 

WGVI is engaged in the development and investment of energy projects. It is engaged in the exploration, development and utilisation of renewable energy (RE) resources, importation, exportation and actual operations of RE systems and facilities.

PHP1 = $0.017