$55M in biofuel deals signed with US investors
By Amy R. Remo
Philippine Daily Inquirer
First Posted 23:55:00 03/05/2008
Filed Under: Alternative energy, Investments
The Department of Agriculture has signed two agreements with American firms worth a combined $55 million to help develop the emerging bioethanol and coco-diesel industries in the Philippines, Agriculture Secretary Arthur Yap said.
The investments will come from FE Clean Energy and Global Renewable Energy Network (GREEN) Inc., Yap said.
“We recognize the indispensable role that private capital play in developing our emerging industries, such as the biofuels sector, which will reduce our dependence on dollar-draining imported fuel sources,” he said.
The agreements were signed at the Philippine embassy in Washington.
Marriz Agbon, president of the Philippine Agricultural Development and Commercial Corp. (PADCC); Francisco Hoyos, vice chair of FE Clean Energy of Darien, Connecticut, and Jose Maria Zabaleta Jr., chair of Bronzeoak Clean Energy forged a letter of intent committing the firms to invest $30 million in the Philippines’ biofuel industry.
The PADCC serves as the agriculture department’s implementing arm for its national biofuel feedstock development program.
Under the agreement, the PADCC will provide the necessary support to ensure the success of the projects of FE Clean Energy and its Philippine affiliate Bronzeoak.
FE Clean Energy will expand its operations in the Philippines by building two more bioethanol plants, in the provinces of Tarlac and Bukidnon. Edited by INQUIRER.net
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