China’s $15-B investment pledge covers Negros Occidental biomass projects

TWO biomass projects in Negros Occidental are included in the $15-billion investment pledge secured by the Philippine government from China during the state visit of President Rodrigo Duterte last week.

These biomass projects of the North Negros BioPower Inc. and Wuxi Huaguang Electric Power Engineering form part of about 30 covered investment ventures in the country.

The 25-megawatt (MW) biomass power plant project in La Carlota City is intended to supply base load power to the local grid and deliver approximately 175 million-kilowatt hours of electricity per year.

The groundbreaking of the facility with development cost of P114 million was held in April this year.

When commissioned in 2018, it is positioned to be one of the biggest biomass power stations in the country with the capacity to energize 265,000 people in the region’s urban centers and rural areas.

In the north portion of the province, another 25-MW biomass power plant in Manapla town will rise soon.

The commissioning of the project is targeted late next year.

Like the biomass project in La Carlota, its feedstock utilization is pegged at 220,000 tonnes per year.

All in all, the two renewable energy projects are expected to create about 5,000 jobs in feedstock production and collection.

The power plants are being constructed through the cooperation between ThomasLloyd CTI Asia Holdings and Bronzeoak Philippines.

Wuxi Huaguang Electric Power Engineering is the general contractor.

Moreover, the government has secured a total of $24-billion in both investment and credit line pledges from China.

Other investment projects that will comprise the $15-billion fund are mostly intended for infrastructures.

The Department of Trade and Industry (DTI), in a report, said these investment agreements are expected to generate two million jobs over the next five years.

During his visit last Thursday, Duterte made the pronouncement to loosen the country’s military and economic ties with the United States, instead venture more with China.

A local business leader had earlier said that the “shift” will eventually further boost the business industry of the province, which is dominated by Chinese market players especially in the retail sector.

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph