H2G Green's (SGX:5AI) subsidiary, GasHubUnited Utility, entered into two MoUs for two projects with an aggregate minimum liquefied natural gas power generation capacity of 332 megawatts in the Philippines, according to a Tuesday filing with the Singapore Exchange.
The first MoU is in relation with the conversion and upgrading of a diesel-fueled 24MW power barge to a natural gas-fueled power barge with an increased capacity of 32MW for Primelectric Holdings which is part of the Razon Group.
The second MoU was agreed with MabuhayPower Holdings for the development of a LNG power plant which will generate 300MW. The subsidiary will also provide an LNG floating storage unit and on onshore facility for regasification and cold energy recovery.
Shares of the company surged nearly 13% in early morning trade.
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