Thomas Lloyd Group to invest in biomass project in Phl

MANILA, Philippines - Investment banking firm ThomasLloyd Group and partner firms Greenergy Holdings Inc., Bronzeoak Philippines and a Chinese firm are spending $500 million to develop four biomass power plant projects in the country.

Michael Sieg, ThomasLloyd Group chairman , told reporters at the sidelines of the Department of Trade and Industry’s briefing with visiting German business officials the fund would  be spent for biomass power plants in Negros Occidental and in Luzon.

“Total capital expenditure of the project will be half a billion US dollars. We have committed as ThomasLloyd $50 million in development financing and construction equity to these projects which will make ThomasLloyd the biggest foreign investor in biomass plant in the Philippines,” he said.

The rest of the funding for the project would come from the three other firms.

The four projects would have a total capacity of 100-megawatts (MW).

The first of the four projects is the 18-MW biomass power generation plant in Negros Occidental of San Carlos Biopower Inc., which costs $82 to $83 million.

Last year, Greenergy and Cleantech Projekge sellschaft mbH, a fund managed by the ThomasLloyd Group spent P667 million to acquire a 64 percent share in San Carlos Biopower Inc.

Sieg said the second project, which is located in Luzon, is expected to get to financial close and start construction by the end of this year.

He said the third project is expected to start by the end of the first quarter next year, while the last project would begin by end-June of that same year.

“We are looking to expand our biomass portfolio based on the San Carlos Biopower project, see how and where else we can replicate that successful template in the Philippine market,”  he said.