BIOMASS Holdings Inc. acquired for P667.5 million a 64-percent equity interest in San Carlos BioPower Inc., which is set to build an 18-megawatt biomass facility in Negros.
Biomass Holdings is a joint venture between listed local firm Greenergy Holdings Inc. and Cleantech Projektgesellschaft mbH, a global investment holding company focused on renewable energy infrastructure and is managed by the ThomasLloyd Group. It was formed specifically as the two companies’ vehicle in their entry into San Carlos BioPower.
In a disclosure to the Philippine Stock Exchange on Tuesday, Greenergy Holdings said the investment made by Biomass Holdings completes the equity fund-raising for San Carlos BioPower.
“Subject to finalization with its banks for the balance of the project funding, San Carlos BioPower is ready to commence construction of an 18-MW biomass power generation plant in Negros Occidental,” Greenergy added.
Data from the website of San Carlos BioPower showed that the 18-MW biomass facility would be a greenfield, stand alone power plant that could supply baseload power to the local grid. The biomass facility will use sugarcane residues and energy crops from dedicated plantations as feedstock.
“The facility will provide electricity to an area experiencing short supply of and increasing demand for power. It will also provide an additional source of income to the local farming community. San Carlos BioPower is committed to providing sustainable power from renewable sources of energy and to maintaining the environmental integrity of the surrounding area upon its completion in late 2013,” San Carlos BioPower said