By Juzel L. Danganan
MANILA, March 12 (PNA) — Aboitiz Equity Ventures subsidiary, Aseagas Corporation will finish its construction of an 8-Megawatt (MW) biomass power plant by 2016, according to its Chief Financial Officer (CFO) Stephen Paradies.
”Its construction is ongoing. We will complete by the middle of 2016,” Paradies told reporters.
The project was initially planned to produce transport fuel, but was shifted to power generation.
Paradies said the biomass plant will use methane to create power.
He pointed out it will have its contract through the Feed-in-Tariff (FIT), which prioritizes the plant for power dispatch, avoiding market risks.
The AEV CFO said the company will invest about US$ 50 million for the biomass project, with some of its planned generators replaced.
Paradies said AEV is open to the possibility of expanding it, if its first venture in biomass power proves successful.
Aboitiz Equity Ventures, Inc. (AEV) is the holding company of the Aboitiz Group with major investments in power, banking, food, land development and biofuels. (PNA)