Firm to invest US$1 billion in biomass power projects

Filipino-British firm Global Green Power PLC Corp. (GGP) plans to invest up to US$1 billion to put up a combined 420 megawatts (MW) of biomass power plant projects within eight years, a top company official said. GGP President David de Montaigne said the aggregate 420 MW capacity will be built in three phases and will be undertaken in different areas in the country. De Montaigne said the company plans to tap local lenders, such as the Land Bank of the Philippines, the Development Bank of the Philippines and other commercial banks, to fund the project. (December 17, 2009)