Tiu announced on May 12 that publicly-listed Greenergy Holdings, through its wholly-owned Winsun Greeen Ventures Inc. (WGVI), has discontinued its international distributorship agreement with Chinese multinational, Hanergy Thin Film Power Asia Pacific Limited, which it signed a year ago.
“WGVI has decided not to renew the Agreement and, together with the Company, has decided to open up supply sourcing of its pending project from any solar panel suppliers which can offer the best technology at efficient cost, in light of the advancement in global solar technology and improved cost efficiency,” said Greenergy.
In a press release hyping the deal with the world’s leading thin-film solar power firm, Tiu said: “This tie-up is very timely as the company will be in a position to provide immediate solution in the metropolis to the current power crisis by expanding capacity with clean, renewable energy using thin film.” Tiu also announced additional investments of P100 million to Winsun for its solar and liquefied natural gas projects during the media hype on its deal with Hanergy.
On 29 December 2020, Tiu announced the “mutual termination” of Greenenergy’s July 2019 memorandum of agreement with RYM Business Management and certain landowners.
Under the MOA, Greenergy and RYM would hire appraisal firms to determine the average value of 400 hectares of property in Rizal province. Tiu had boasted about building a smart-farming agricultural area and smart-city commercial area on these properties.
“The parties have decided to no longer pursue the transaction contemplated under the MOA due to the impact of the COVID-19 pandemic, the resulting prolonged community quarantine, and the effect thereof on real estate property businesses,” said Greenfield in explaining the sudden U-turn.
Before this aborted deal with RYM, Tiu also junked a 2018 MOA with Korean-based TheBizLink Co. Ltd. to develop a transport hub and “smart” property projects on the same properties in Rizal.
Tiu’s lack of delivering on his grandiose plans was also evident in his other firm, Philippine Infradev Holdings, formerly Interport Resources Corp.
Infradev announced on 10 March 2021 the cancellation of its 2020 MOA with Hong Kong Binjiang Industrial Limited.
Binjiang was supposed to invest $30 million for a 35 percent direct stake and buy another $72 million worth of preferred shares in Infradev’s subsidiary, Makati Subway Inc.
Infradeve blamed the delays in getting approval from the Philippine Competition Commission for the termination of the MOA.
“The effectivity of the transactions contemplated in the Agreement, specifically the release of funds earmarked by HK Binjiang, were conditioned on the PCC’s approval of the transactions,” Infradev said.
Bilyonaryo Kevin Wong’s Richer Today was quick to fill in the void left by Binjang but it only agreed to invest P775 million for a specific real estate component of the Makati subway.
Tiu is the main proponent of the $3.7-billion, 10-kilometer Makati City subway project.