Bronzeoak Philippines to add 100 MW of renewables by 2017

(Seenews) - Oct 8, 2013 - Bronzeoak Philippines Inc is expected to complete 100 MW of renewable energy plants in 2017 for an investment of USD 500 million (EUR 368m), GMA News said Monday, citing the company’s financier ThomasLloyd.

The bioenergy firm has already spent USD 82 million on its Philippine portfolio with the support of ThomasLloyd Cleantech Infrastructure Fund and is set to invest an additional USD 130 million in the following two years.

ThomasLloyd Group chairman and CEO Michael Sieg yesterday told reporters that Bronzeoak will most likely finance the capacity additions with bank loans. Among the projects are a solar plant and three biomass stations on the Philippines’ Negros island. The firm will also construct another biomass facility in the northern province of Tarlac. The planned biomass systems will be powered by sugarcane stalks, rice husks, coconut shells, palm frods and more farm waste.

At present, Bronzeoak is building a 22-MW solar park, worth USD 45 million, in the Negros Occidental province. The facility is planned to kick off commercial operations and be hooked to the grid in the second quarter of 2014. It is also working on a 20-MW biopower project, to be completed in 2015.

(USD 1.0 = EUR 0.737)

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