Local company partners with Dutch firm to develop sustainable hydropower projects

A Bulacan-based semiconductors manufacturer has entered into an agreement with a Dutch firm for the development, operation and management of multiple hydropower projects, infrastructures and facilities in the country. Listed firm Greenergy Holdings, Inc. announced its partnership with Hydroring Capital BV in a disclosure to the stock exchange on Monday. The preliminary agreement between the two companies was signed on Sept. 14. Under the agreement, Greenergy and HC will put up a joint venture firm to be incorporated under Philippine law. The new company will use the "Hydroring concept," a hydropower concept "based on a portfolio of proprietary turbine innovations with a variety of added value components," according to Greenergy, that will provide affordable access to environmentally-friendly and sustainable sources of renewable energy. Greenergy said the new company, which will be under a 60-40 equity arrangement (60 percent for Greenergy and 40 percent for HC), "shall have an authorized capital stock of about €4,000,000." Through its subsidiaries, Greenergy Holdings designs, develops, manufactures and sells specialty semiconductors products worldwide . Its products include routing co-processors, multi-protocol routers, ATM switches, wireless access points and wireless residential broadband gateways, IP telephony products, and data recognition and recall processors. — BM, GMA News