Elena Lim-led Solid Group Inc. (SGI) is investing $20 million in a joint venture with Singapore-backed MSRenewable Investment Holding Ltd. to build a solar photovoltaic (PV) cell and module manufacturing facility in the Philippines for export.
In a stock exchange filing, Solid Group said its wholly owned foreign subsidiary, Brilliant Reach Ltd. (BRL), and MSRenewable would establish a joint venture in Singapore, with each contributing $20 million for a 50% stake.
The $40-million venture will develop, own and operate a Philippine manufacturing plant producing solar cells, modules and related products for overseas markets.
Solid Group’s board approved an $8-million capital infusion into BRL on Nov. 10, with the subsidiary providing another $12 million from its existing cash reserves to fund its share of the investment.
The capital contributions are subject to regulatory approvals.
Solid Group said the venture would diversify its investment portfolio and provide new revenue streams as it seeks to capitalize on growing demand for renewable energy products.
The company behind MyPhone said returns would depend on the successful development and operating performance of the facility.
It did not disclose the plant’s location, production capacity or construction timetable.
ALSO READ:
Elena Lim’s Solid Group offloads some assets to boost capital

Elena Lim’s Solid Group reports stellar Q1 results, earnings more than double on strong retail performance

Elena Lim’s Solid Group spends P1.1B to expand property, diversify into motorcycles

source