14 November 2008 in Manila Standard Today
Global Green investing $200m in biomass projects
Renewable energy company Global Green Power Plc Corp. will invest $200 million in five biomass projects that will supply 87.5 megawatts of power in five areas around the country.
Company officials said the investment formed part of the $1 billion that Global Green planned to invest in the Philippine renewable energy projects such as wind, geothermal, hydro, biogas, solar and ocean, over the long-term.
Global Green chief executive and founder David de Montaigne said the company would put up biomass plants in Panay, Nueva Ecija, Pangasinan and Samar where agricultural residues exist.
Each biomass plant will produce 17.5 MW of power and is estimated to cost about $40 million to build.
Global Green, composed of Filipino and UK investors, is working with Land Bank of the Philippines and other banks to finance the plants’ construction.
“GGPC’s phase one operations will invest in five 17.5-MW biomass power plants that deliver clean baseload, decentralized, cost competitive electricity utilizing proven European technology and delivers energy security and independence to the Philippines,” De Montaigne said.
Global Green seeks to replace fossil fuel power generation facilities with an indigenous renewable energy source—biomass. It does not use any biomass that can be used for human consumption or that competes with the human food chain in any way.
“GGPC obviates the need to use foreign currency to purchase imported coal and oil and each GGPC 17.5-MW power plant provides over 900 direct and indirect jobsx to the local communities,” De Montaigne said.
He said Energy Secretary Angelo Reyes and Undersecretary Ramon Santos played pivotal roles in moving the biomass projects forward.