PHL attracts fresh Php 7.5-B investments in renewable energy

MANILA — The Philippines has attracted anew investments in renewable energy worth about Php 7.5 billion.

On Friday, International Finance Corp. (IFC) — with support from the Government of Canada and the Clean Technology Fund — announced some USD 161-million investments in three biomass power plants of ThomasLloyd Group and Bronzeoak Philippines in the country.

The projects are in towns of Manapla, San Carlos, and La Carlota in Negros Occidental with projected capacity of 70 megawatts (MWs) of clean renewable energy.

The facilities will convert sugarcane waste to electricity through a circulating fluidized bed boiler technology — a low carbon-emitting process.

The power projects of ThomasLloyd and Bronzeoak is expected to qualify for Energy Regulatory Commission’s biomass feed-in-tariff.

“Energy is central to the country’s development, and the Philippines needs to further diversify and secure its energy sources. Converting agricultural waste to biomass power is a sustainable way of creating economic value while caring for the environment,” said IFC Country Manager Yuan Xu.

The financial support from Clean Technology Fund and the Canadian government will be through IFC-Canada Climate Change Program.

“We are pleased to support innovative projects abroad that help reduce global greenhouse gases. Through our partnership with the IFC, the Government of Canada will deliver funds that will enable the growth of renewable energy while supporting the creation of green jobs,” said Canada’s Minister of Environment and Climate Change Catherine McKenna. Kris M. Crismundo/PNA/northboundasia.com