(The Philippine Star) | Updated August 20, 2016 - 12:00am
MANILA, Philippines -
Partners Bronzeoak Philippines Inc. and Swiss Thomas- Lloyd Group have taken in
three more investors for its biomass power projects in Negros Island.
The International
Finance Corp., with support from the Government of Canada and Clean Technology
Fund, bared a $161-million investment in three biomass power plants in Negros
Occidental.
“This funding will help
utilize agricultural waste to generate reliable base load power, providing
additional income to farmers, reducing fertilizer costs, and helping contribute
to a healthful ecology,” Bronzeoak Philippines CEO Jose Maria Zabaleta said.
The power plants are
being built in the towns of Manapla, San Carlos and La Carlota which is
expected to generate 70 megawatts of clean renewable energy by converting
sugarcane waste to electricity using a low carbon-emitting process called
circulating fluidized bed boiler technology.
The three power plants
are expected to qualify for the biomass feed-in-tariff (FIT) of the Energy
Regulatory Commission, which has an installation target of 250 MW.
“ThomasLloyd is
delighted that IFC has chosen to participate in these investments. With its use
of local sugar cane waste, this project is an exciting development for all the
stakeholders and especially for the local community,” ThomasLloyd Group Ltd.
executive director Tony Coveney said.
ThomasLloyd CTI Asia
Holdings is the principal financial sponsor. WBE (Hong Kong) International
Green Energy Limited, another shareholder, will provide engineering and
construction services.
Before it was
identified as feedstock for biomass power plants, sugarcane waste was burned in
the fields, a practice that contributed to air pollution.
IFC country manager
Yuan Xu said energy is central to a country’s development so the Philippines needs
to further diversify and secure its energy sources.
“Converting
agricultural waste to biomass power is a sustainable way of creating economic
value while caring for the environment,” he said.
IFC said the
contribution of Clean Technology Fund and the Government of Canada through the
IFC-Canada climate change program, has helped make the investment viable.
To date, Canada has
provided CA$271 million to the program to enable climate change investments
that are generating significant environmental and economic benefits in
developing countries.
“We are pleased to
support innovative projects abroad that help reduce global greenhouse gases.
Through our partnership with the IFC, the Government of Canada will deliver
funds that will enable the growth of renewable energy while supporting the
creation of green jobs,” said Catherine McKenna, Canada’s Minister of
Environment and Climate Change.
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