"With the government’s renewed commitment to pursue renewable energy project, we will revisit the biomass project in Talisay," PNOC officer-in-charge Pedro Aquino Jr. said.
Aquino said the PNOC Board will have to re-assess the proposal as this will entail an increase in capital infusion of the state-owned oil firm.
Based on the proposal, the project cost will be increased from $60 million to $75 million.
Under the old capital structure, PNOC is supposed to infuse 30 percent of the $60 million project while Bronzeoak will contribute 15 percent.
The remaining shares are supposed to be covered by other private investors. These were: Ponde Electric (20 percent); Fin Fund (25 percent) and Hawaiian Philippines (10 percent).
"First, we need to go back to the negotiating table (Bronzeoak consortium) as there would be a need to change the prior agreements (disbursement and development agreements)," Aquino said.
Aquino said they expect to finish the renegotiation of an agreement with Bronzeoak within the year.
"We have a mandate to push for renewable energy projects. Energy Secretary Raphael Lotilla is very keen on the speedy development of NRE projects," he said.
PNOC entered into a development agreement with the TBI and Bronzeoak Philippines in 2004, committing $6 million which is equivalent to a 30 percent equity in the project.
The state energy firm has already advanced $1.05 million for the project’s initial expenses.
The project aimed to establish a new, wholly-renewable, independently-financed, cogeneration station to export surplus electricity to the local distribution system .