Canada supports $161 million biomass power projects in Negros Occidental

  • Page Views 4544
  • The Government of Canada, the International Finance Corporation (IFC), and IFC’s Clean Technology are investing $161 million in three biomass power plants in the Philippine province of Negros Occidental.

    The investment was announced on August 19. The project in the Visayas region of the Philippines is expected to generate 70 megawatts of clean renewable energy for the country.

    The power plants are being built in the towns of Manapla, San Carlos and La Carlota.

    “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 Catherine McKenna, Canada’s Minister of Environment and Climate Change.

    The facilities will convert sugarcane waste to electricity using a low carbon-emitting process called circulating fluidized bed boiler technology. Before it was identified as feedstock for biomass power plants, sugarcane waste was burned in the fields, a practice that contributed to air pollution.

    The three power plants are expected to qualify for the biomass feed-in-tariff of the Philippine Energy Regulatory Commission. The feed-in-tariff is available to energy producers with up to 250 megawatts of biomass generating capacity.

    IFC Country Manager, Yuan Xu, said: “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.”

    IFC is a member of the World Bank Group. It is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, it has six decades of experience to create opportunity where it’s needed most.

    The Clean Technology Fund as well as the Government of Canada’s contribution to the project through the IFC-Canada Climate Change Program have helped make this investment viable. To date, Canada has provided CA$271 million to the program, to enable climate change investments that are generating significant environmental and economic benefits in developing countries.

    “We are happy to receive this support from IFC and the development partners,” said Jose Maria Zabaleta, CEO of Bronzeoak Philippines, one of the shareholders for the project. “This funding will help utilize agricultural waste to generate reliable base load power, providing additional income to farmers, reducing fertilizer costs, and helping contribute to a healthful ecology.”

    In addition to loans from Canada and the Clean Technology Fund, IFC is also mobilizing funding from the Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.

    “ThomasLloyd is delighted that IFC has chosen to participate in these investments. With its use of local sugar cane waste, this project is an exciting development for all the stakeholders and especially for the local community,” said Tony Coveney, Executive Director of ThomasLloyd Group Ltd. ThomasLloyd CTI Asia Holdings is the principal financial sponsor. WBE (Hong Kong) International Green Energy Limited, another shareholder, will provide engineering and construction services.

    Share

    New Posts Recently publish post More

    • 10 November 2022
      3 weeks ago No comment

      Golden Gift Society receives donation, accepts new members

      A Metro-Vancouver nonprofit dedicated to helping the less fortunate continues to touch the lives of many. More people are going to benefit from the work of the Golden Gift From The Heart For People In Need Society as it recently accepted a generous donation and grew its ranks with ...

    • 06 October 2022
      2 months ago No comment

      Filipinos run in October 15 municipal elections

      At least 10 Filipinos are running in the October 15 municipal elections in B.C. The candidates are vying for posts in council and school board in different cities across the Greater Vancouver region. The most prominent of the candidates are Maita Santiago, who is running for council in Burnaby, ...

    • 22 September 2022
      2 months ago No comment

      Vhong Navarro under NBI custody for rape charge

      Metro Manila — TV host and actor Vhong Navarro remains under the custody of the National Bureau of Investigation (NBI) as of Tuesday, a day after he was slapped with two arrest warrants over complaints filed by model-stylist Deniece Cornejo in 2014. Navarro’s camp has yet to file a motion ...

    • 22 September 2022
      2 months ago No comment

      Meet and greet with Jinny, Ramon and Surrey Forward

      The Surrey Forward party is ready to serve the city and its residents. Surrey Forward is fielding Jinny Sims as mayoral candidate in the October 15, 2022 local election, and the party also has seven candidates for council. One of these candidates is Filipino Canadian financial professional Ramon Bandong. ...

    • Queen-Elizabeth-King-Charles-2022
      15 September 2022
      2 months ago No comment

      Farewell Queen Elizabeth, Long live King Charles!

      The world is mourning the death of Queen Elizabeth II, U.K.’s longest-serving monarch, who died on September 8 at the age of 96. Queen Elizabeth, whose reign spanned 70 years, was succeeded to the throne by her eldest son Charles, who has been proclaimed as King Charles III. The ...

    %d bloggers like this: