By Alena Mae S. Flores Posted on Oct. 17, 2012 at 12:00am
Supermarket chain owner Lucio Co is now expanding into the power sector by taking a majority stake in San Jose City I Power Corp., a renewable energy company that will build a 9.9-megawatt biomass plant in Tulat Road, San Jose City, Nueva Ecija.
The project is estimated to cost P1 billion.
SJC IPower chief operating officer Edgardo Alfonso said Union Energy Corp., which is owned by Co, had taken a 66-percent stake. Twenty-one rice millers in San Jose City, Nueva Ecija owns the balance in the biomass project.
Alfonso said the project, which broke ground on Monday, would be completed by 20 months from today.
He said aside from the biomass project, SJC IPower, which is headed by Co as chairman, was looking at other renewable energy projects.
“We are currently working on several projects including municipal waste to energy projects,” Alfonso said. source
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