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A local firm engaged in the production of renewable energy is planning to put up a biomass plant in Quezon. A 10 megawatt (MW) biomass plant in Quezon is one of the upcoming projects of Ecoenerhiya. Company director for business development, Antonio Lopez, was quoted as saying that the project would cost about $36 million (P1.7 billion).

The P1.2 billion of the P1.7 billion would be financed through borrowing and the remaining cost will be coming from the company’s equity. According to Lopez, Ecoenerhiya is currently negotiating with Banco De Oro as possible provider of financing for the project, which is expected to be sealed by April this year.

The company hopes to start the construction of the Quezon plant in May this year and finish it by June next year. The 10 MW biomass project is a part of the total 24 projects which the company is eyeing. They expect to carry out half of the projects within a five-year time. The company is also open to accepting investors who would like to take part in their projects, said Lopez. “We are talking with investors, but we are not yet sure whether we will tie up with PNOC-RC. We are looking at all possibilities,” he said.

PNOC-Renewables Corporation (PNOC-RC), is one the companies being eyed to be one of the company’s partner in some of the proposed biomass facilities.

The biomass project in Quezon province will be undertaken through a special purpose vehicle company, Unisan Biogen, of which, Lopez is the president.

Ecoenerhiya, through Unisan, will develop the plants, take minority stake and sell equity to other investors, according to Lopez. The 10 MW project in Quezon will be used as a test by the company to determine if they will pursue their plan to put up more biomass projects.