MANILA, Philippines - Bioenergy developer Bronzeoak Philippines, Inc. expects to complete by 2017 the nearly $500 million worth of clean energy projects that would add more than 100 megawatts (MW) of power to the domestic energy sector.
The ongoing projects are funded by European asset management and project finance group ThomasLloyd that specializes in investments in renewable energy in Asia.
The finance group, through the ThomasLloyd Cleantech Infrastructure Fund, has so far invested $82 million in capital to its Philippine portfolio of renewable energy projects and has committed to invest $130 million more in the next two years.
ThomasLloyd Group chairperson and CEO Michael Sieg told reporters yesterday that additional funding for the project may come from other financing means such as bank financing.
In the pipeline are three biomass fired power plants and a solar power plant in Negros and a biomass power plant in Tarlac.
The projects would create 2, 750 jobs in the provinces and create an opportunity for farmers to sell farm waste as feed stock for the biomass power plants.
Already under construction is the $45 million San Carlos Solar Energy power plant which is set for connection by the second quarter of 2014. The 22 megawatt (MW) facility is seen to deliver 35 million kilowatt hours (kWh) to the grid when completed.
The plant would be constructed in San Carlos City, Negros Occidental.
Also under construction is the $85 million San Carlos Biopower biomass-fired power plant which is expected to begin operations in 2015. The 19.99 MW plant is seen to deliver 140 million kWh to the grid.
To begin construction next year are two other biomass power plants in Negros.
The $114 million South Negros Biopower biomass plant is slated for construction next year is seen to be operational by 2016. The 25 MW facility is expected to supply the grid with 175 million kWh per year.
The North Negros Biopower biomass plant, which would also cost $114 million, is slated for construction also next year and is expected to be operational by 2017. The facility would have a capacity of 24.99 MW.
Also in the pipeline is the $130 million Central Tarlac Biopower biomass plant which is scheduled for construction in 2014 and is seen to be operational by 2016. The facility would have a capacity of 29.99 MW.
The construction of the biomass plants would give farmers an opportunity to sell their farm wastes to the power producers.
The biomass plants would utilize several farms wastes that include sugarcane stalks, rice husks, coconut shells, palm frods, corn stalks, corn cobs and peanuts.