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A subsidiary of independent oil company Eastern Petroleum Corp. is investing around PHP 13 billion (USD 287 million) on three biomass-based power projects in power-starved southern Philippines over the next five years.
Eastern Petroleum President and CEO Fernando Martinez said the company is open to partnerships in developing the projects. Caraga Renewable Power Corp., Eastern Petroleum’s vehicle for power generation investments, is “willing to merge with other firms” in developing the three projects, Martinez added.
Caraga Renewable Power Corp. is developing two biomass projects in the Caraga region in Mindanao island–in Butuan City and Agusan Del Norte–and another project in the Visayas island.
The investment in the Butuan biomass plant is estimated at PHP 4.1 billion (USD 90 million), the Agusan biomass plant at around PHP 4 billion (USD 88 million), and the Visayas biomass plant at PHP 5 billion (USD 110 million).
The Agusan project, which started last month, is only a biomass plant with a generating capacity of 23.5 megawatts (MW). Land development is completed and the company is now in the detailed engineering phase, which will determine the final project cost and establish the bidding process for structural facilities.
On the other hand, the Butuan and the Visayas projects will both produce electricity and fuel. The Visayas plant will have a generating capacity of 18 MW and produce 100,000 litres of biodiesel per day. The Butuan plant will generate between 12 and 14 MW of electricity and produce 50,000 to 60,000 litres of biodiesel per day.
