Bronzeoak Philippines Inc. has earmarked over $500 million to develop renewable energy projects in Negros Occidental with combined capacity of 125-megawatts (MW). “We will have solar and biomass projects: a total of 50 MW of solar for four projects and the 75 MW for biomass will be three projects,” said Jose Maria T
Bronzeoak Philippines Inc. has earmarked over $500 million to develop renewable energy projects in Negros Occidental with combined capacity of 125-megawatts (MW).
“We will have solar and biomass projects: a total of 50 MW of solar for four projects and the 75 MW for biomass will be three projects,” said Jose Maria T. Zabaleta, Bronzeoak Philippines chairman.
These projects, Mr. Zabaleta said, will cost more than $500 million and will be funded through a combination of debt and equity.
“It will be 50-50 equity and debt,” he said.
The company's 22-MW solar farm -- composed of 2 facilities with capacities of 13 MW and a 9 MW -- is already being built by its subsidiary, San Carlos Solar Energy, Inc. (SaCaSol), in San Carlos Economic Zone.
“SaCaSol -- that's going to come on-stream by April,” Mr. Zabaleta said.
“Then we have another one coming up in South Negros that will be about 8 MW and we want another big one in North Negros, that will be as high as 20 MW,” he added.
An 18-MW biomass facility is being built by San Carlos BioPower, Inc. in San Carlos City and is scheduled to be operational early next year.
Excluding ventures with ongoing construction, the other projects will be built in Negros Occidental within the next 2 years, he said.
Construction period is two years for biomass and for solar, six months and it takes about a year to secure all necessary permits,” he said.