Written By: Emma Websdale
Bioenergy developer, Bronzeoak Philippines Inc., will develop and invest $500 million into clean energy projects in 2017, adding 100 megawatts (MW) to the Philippine grid.
Financier of Bronzeoak Philippines Inc., a joint venture between Bronzeoak Group and Zabaleta & Co – one of the leading bioenergy developers in the Philippines, has announced that the venture will complete $500 million worth of clean energy projects by 2017.
The venture, which has already invested $82 million into its Philippine portfolio, is committed to investing an additional $130 million within the next two years into clean energy projects.
The projects, funded under the ThomasLloyd Cleanteach Infrastruture Fund, including a solar power plant and three biomass-fired power plants, will combined generate 2,750 jobs.
By the second quarter of 2014, the $45 million, 22 megawatt (MW) San Carlos Energy Plant, currently under construction in Negros Occidental will be operational, delivering 35 million kilowatt hours (kWh) every year to the Philippine grid.
Meanwhile, the $85million San Carlos Biopower plant will commence commercial operations in 2015, contributing a further 140 million kWH to the grid.
According to ThomasLloyd, funders of the Cleanteach Infrastruture Fund, the biomass projects will open up great opportunities for farmers selling farm waste such as sugarcane stalks, peanuts, rice husks, coconut shells, palm frods and corncobs for the biomass industry.