MANILA, Philippines – British-Filipino firm Bron-zeoak Philippines is looking to tap the Development Bank of the Philippines for funding its ethanol projects, a top company executive said.
Bronzeoak managing director Jose Maria Zabaleta Jr. said they are scouting for partners for the development of three potential sites in their projects.
“We’re looking at a second plant that’s around 40 million liters in capacity annually. Our plants have a power component of eight megawatts. Bronzeoak is a developer and we work with local partners who want to put up ethanol plants,” he said.
He said they would need to raise funds to be able to begin the construction by the middle of next year.
“The equipment alone costs about P1.5 billion. We don’t think any construction will begin until June next year,” he said
Earlier it was reported that they are looking at constructing a plant in Kibawe, South Bukidnon and Capas, Tarlac.
The company was established in 2003 with purpose of developing biomass and new renewable energy projects in the Philippines.
Ethanol, also known as ethyl alcohol or grain alcohol, is a type of alternative fuel being groomed to substitute traditional, oil-based fuels like gasoline and diesel.
The two ethanol plants are co-generation facilities which have the capability to produce power. The plants need a total of 21,000 hectares of sugarcane plantation to ensure sustainability of their operations.
Bronzeoak also holds a stake in San Carlos Bioenergy Inc. which operates an an ethanol distillery and power cogeneration plant in Negros Occidental.
The plant is now operational and is capable of producing 30 million liters of ethanol annually and approximately eight megawatts of power. It sells its ethanol to Petron Corp., the country’s biggest oil refiner.
Under the Biofuels Act of 2006, all gasoline products sold in the country have to be blended with five percent of indigenously sourced ethanol.
This year, the mandate translates into 220 million liters of ethanol. — Donnabelle Gatdula