Philippines-listed firm Greenergy Holdings, Inc. has unloaded its majority stake in a joint venture (JV) renewable energy firm to raise funds for future acquisitions. The company has offloaded a 60 per cent stake (equivalent to 600 million common shares) in Biomass Holdings, Inc. (BHI), a JV company of Greenergy and Europe’s ThomasLloyd Cleantech Infrastructure Fund GmbH. The transaction took place at a cost of PhP 400.52 million. The Filipino company also signed a deed of assignment of subscription covering 300 million partially paid-up common shares in BHI worth PhP 100.52 million.
