Greenenergy venture with China firm eyes $1.3-B wind projects

Plans to develop renewable energy projects with a total generating capacity of 1,000 megawatts and requiring $1.3 billion in investments were approved Wednesday at the meeting of the board of directors of listed firm Greenenergy Holdings, Inc. Lyra Gracia Lipae-Fabella, Greenenergy corporate secretary, said the investments will be made through the energy firm’s joint venture with the Tianjin Tianbao Investment and Development Corporation (TTIDC), which is based in the People’s Republic of China. The investments will be made over a span of 10 years, with $200 million frontloaded to the first two years for wind energy power generation. Greenenergy and TTIDC intend to build, within one year from the start of their venture, 33 units of 1.5-megawatt wind energy mills, which will have a combined capacity of 49.5 megawatts. The Greenenergy board of directors authorized their chairman and CEO, Antonio L. Tiu, “to enter into and executive the agreement with TTIDC." The board said the joint venture may also consider other renewable energy projects but stressed that the priority in the first two years is wind energy. – ELR, GMA News