Universal Robina to build ethanol plant in the Philippines

Universal Robina Corp. (URC), a Philippine food manufacturing company, is seeking the approval of its shareholders to diversify into the power generation business. URC is a subsidiary of John Gokongwei’s JG Summit Holdings.
The venture into the power generation business is intended to complement URC’s sugar business and enable the firm to maximize the use of its resources.
“This will likewise permit the corporation to qualify for incentives available for renewable energy projects under pertinent laws,” URC said in a press statement.
The company will set up a 40-megawatt biomass plant at one of its sugar mills, which will complement URC’s sugar milling business because it will use molasses, a by-product of its sugar milling operations.
URC has already secured the approval of the Philippines’ Securities and Exchange Commission.
It will invest about US$27 million for the construction of an ethanol plant in Mahhuyod, in Negros Oriental. The company said the 100,000 liters-a-day ethanol plant will be operational by the latter part of 2013. (December 20, 2012)